Lili announced a $55 million Series B round of venture capital for its freelancer-focused banking app. This brings its total raised to $80 million.
The number of people working independently in the US is on the rise for both full-time and “side hustle” scenarios, according to MBO Partners. They also predict growth in the independent workforce to be three times that of regular employment. These are the trends Lili hopes to capitalize on. Independent work is equivalent to running a small business, which comes with its own financial responsibilities, challenges, and opportunities. Tax withholding and reporting, expense management and reporting, and billing and invoicing, to name a few.
Lili is the latest banking app for the independent workforce. Germany-based Kontist announced its B round for a similar product earlier this year.
$2.7 billion was invested globally in work tech during 2021 Q1 alone. Get WorkTech’s free report and analysis here.