Fintech startup Lili raises $55 million series B
The Israeli company has doubled its number of clients to 200,000 over the past six months and took its total funding raised over the past year to $80 million
Israeli fintech company Lili, which provides digital banking services for small businesses and freelancers in the U.S., has raised a $55 million series B led by Dovi Frances' Group 11. Target Global, AltaIR and previous investors also participated in the round. The company has now raised $80 million in total after completing its third funding round within a year.
Led by serial entrepreneurs with 20 years of fintech experience, CEO Lilac Bar David and CTO Liran Zelkha, Lili, which was founded in 2018, employs 40 people, 25 of them in Israel and the rest in New York. The company said that it doubled its number of clients to 200,000 over the past six months. Lili, which combines banking services with real-time expense tracking, tax tools and financial insights, is expected to increase its workforce by an additional 50 employees, most of them in Israel, by the end of the year.
Lili CEO Lilac Bar David (right) and CTO Liran Zelkha. Photo: Lili
"Lili was founded after we realized that there is a need for a solution for the freelance economy," Bar David told Calcalist. "We understood that we can't just offer banking services and that is why we built a banking platform that helps your money, but also helps manage your business in many aspects. I estimate that we save our clients 60 hours and $1,700 a year."
"We grew at a crazy rate over the past year," added Bar David. "The money we raised in one year is what we were meant to raise over three years. All of the funding that has entered the company's account will be used to expand our R&D team in Israel and marketing team in the U.S."
“We anticipate the freelancer economy will continue to robustly grow well beyond the pandemic tailwinds,” said Group 11 Founding Partner Dovi Frances. “Lili is poised to see exponential growth by continuing to offer this demographic essential, effective and intuitive tools to manage what was previously an extremely complex and inefficient way of doing business.”