Lily smart

Lili, a financial technology company founded in 2018, operates as a digital banking platform tailored to the needs of freelancers and small business owners. The company was established by Liran Zelkha and Lilac Bar David, serial entrepreneurs with two decades of experience in the fintech sector. Drawing from their previous ventures, including the co-founding of Israeli digital bank Pepper, they identified a gap in the market for a holistic financial solution for independent workers. Headquartered in New York City, Lili has secured $80 million in funding from investors such as Group 11, Foundation Capital, and Target Global.

The core of Lili's business is an all-in-one mobile banking platform that integrates a business checking account with accounting, invoicing, and tax preparation software. This model is designed to streamline financial management for its target clientele, which includes sole proprietors, single-member LLCs, and various small businesses. Revenue is generated through a freemium model; the company offers a basic account with no monthly fees, alongside several premium subscription tiers (Pro, Smart, and Premium) that provide access to more advanced features. The company makes money from these monthly subscription fees and card processing fees, while keeping many standard banking fees, like those for overdrafts or minimum balances, at zero.

Lili's product suite is delivered through a mobile application and aims to consolidate financial tasks into a single platform. Key features include a Visa business debit card, expense tracking with automatic categorization, and tools to create and manage invoices. A significant feature is the 'Tax Bucket,' which automatically sets aside a percentage of income for tax payments, addressing a common pain point for freelancers. In 2023, the company launched 'Lili Smart', which integrates accounting services directly into the banking platform, allowing users to generate financial reports like profit and loss statements and cash flow statements. More recently, Lili introduced 'Accountant AI,' a generative AI tool designed to provide users with personalized financial advice and insights based on their business data.

Keywords: digital banking, freelancer finance, small business banking, fintech, financial management app, business checking account, expense tracking, tax preparation software, invoicing tools, mobile banking, sole proprietor banking, LLC banking, Liran Zelkha, Lilac Bar David, self-employed finance, accounting software, neobank, business financial tools, Lili AI, cash flow management, profit and loss statements, online business banking