Lance

Lance positions itself as a specialized financial technology firm providing a smart business bank account tailored for the self-employed market in the United States, including freelancers, contractors, and side-hustlers. The company was founded by a team of former freelancers, including CEO Oona Rokyta, who experienced firsthand the financial management challenges inherent in freelance work. This personal experience was the impetus for creating a banking solution that automates financial chores, acting as a proactive financial partner rather than a passive ledger of past transactions.

The company launched in 2021 after securing a $2.8 million seed funding round with participation from investors like Barclays, BDMI, Great Oaks Capital, and Techstars. This capital was aimed at further product development and marketing efforts. However, after its efforts to transform banking for freelancers, the company faced financial difficulties which led to its dissolution.

Lance's core offering was a business banking account, provided in partnership with FDIC-insured Blue Ridge Bank, designed to simplify money management for individuals with fluctuating incomes. The platform's main feature was its ability to automatically allocate incoming payments into distinct sub-accounts or "stacks" for salary, taxes, business expenses, and savings. This system was designed to help freelancers manage cash flow, automatically withhold taxes, and maintain a consistent personal salary. The platform offered a free basic account and a "Lance Pro" subscription for $11.99 per month, which included features like automatic quarterly tax payments to the IRS and pre-populated Schedule C forms. The service included a Lance Visa business debit card, free ACH transfers, ATM withdrawals, and integrations with payment apps like PayPal. Keywords: freelance banking, solopreneur finance, business bank account, automated financial management, tax automation, expense tracking, income allocation, Oona Rokyta, gig economy tools, financial technology, freelancer tools, self-employed banking, automated budgeting, quarterly tax payments, Schedule C, Blue Ridge Bank, side hustle finance, neobank, challenger bank, fintech startup