Freelancer banking app Lili nets $15m just months after former round

Freelancer banking app Lili nets $15m just months after former round

Lili, a mobile banking platform for freelance workers, has secured a $15m investment, coming just a matter of months after its seed round.

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*Lili is a financial technology, not a bank. Banking services provided by Choice Financial Group, Member FDIC.

Lili App Review: A Digital Banking Tool for Self-Employed Workers Are you a freelancer looking for a digital banking account to help manage your money? Let’s take a look at Lili, including the pros and cons.

Being self-employed can often mean a unique financial situation. From separating expenses to withholding your own quarterly taxes, it can be challenging at times. That’s why the company Lili has created a digital banking service intended to help freelancers manage these obstacles. So how does it work? Let’s take a look at what you need to know about Lili and its features.

The first thing to know about Lili is that account is strictly for freelancers and small business owners

When you first attempt to sign up for Lili, you’ll be asked if your freelancer or small business owner. If you answer no, you’ll be politely informed that the platform is not for you. Of course, if this description does apply, you can continue the application process and open your account. Speaking of accounts, I should note that Lili deposits are FDIC insured up to $250,000 thanks to a partnership with Choice Financial Group.

Next, as part of your Lili account, you’ll receive a free business debit card which can also be used at select fee-free ATMs

Within 10 business days of opening your Lili account, your debit card should arrive in the mail. In the meantime, you can track its progress in the app. Once it does arrive, you can set your PIN and add the card to digital wallets like Apple Pay if you want.

Your Lili debit will also allow you to access fee-free ATMs that are part of the MoneyPass network. This includes more than 35,000 machines across the country, which you can locate using the map. Meanwhile, using out of network or foreign ATM will result in a $2.50 or $5 fee respectively on top of whatever fee the machine’s operator charges — so be sure to check which ATMs are in network.

When you make purchases with your Lili card, you can then sort your transactions into personal or business categories

As you make purchases with your card, you’ll be able to categorize them as either Work or Life. To make this process easy, Lili allows you to swipe one way or the other to label them. You can also tap “more” to select a more specific spending category.

When you do mark transactions, you’ll unlock the Work and Life tabs in the app, which each contain spending insights and other data. More importantly, properly marking business purchases will allow Lili to generate accurate quarterly expense reports, which you can export to PDF or Excel for your bookkeeping needs.

Another helpful feature for freelancers is that Lili can automatically set aside a portion of your deposits for taxes

Since self-employed workers don’t have their taxes automatically withheld, lili includes a feature that can help you painlessly set aside funds for this purpose. Using Tax Bucket, you can have the app set aside a percentage of your deposits ranging from 10% to 40%. Lili notes that, for those making less than 60,000 a year, a 20% withholding should be reasonable — however, keep in mind that the app is not calculating your owed taxes and is simply earmarking your funds.

Money in your Tax Bucket won’t display as part of your main balance, with will show just below it. Also, you can transfer money into or out of your bucket at any time. So while this may be a relatively simple feature, it could some in handy for when quarterly taxes come due.

Overall, I like the idea behind Lili and think it could be useful for freelancers and self-employed workers who prefer using checking accounts to credit cards

Thanks to some clever features, Lili could make it easier for self-employed individuals to manage their money. Moreover, it could also almost be used as an alternative to paid services like Quickbooks Self-Employed, although it isn’t quite as powerful as that.

The only problem is that, in order to get the most out of the app, you’ll need to Lili your primary banking account for both deposits and spending, which may be a dealbreaker for some. Also, while I appreciate that the account is free, I do wish that it offered some level of interest like many other online accounts do. Still, if you’re still getting used to freelance life and you’re looking for a digital banking service geared towards your needs, Lili just might fit the bill.

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#Lili #onlinebanking #moneyat30

The BEST App For Freelance AND Personal Finances | Lili Pro Review

The BEST App For Freelance AND Personal Finances | Lili Pro Review

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In a nutshell, Lili is banking designed for freelancers without neglecting or forgetting about your own finances which I absolutely love. Now just so we’re all on the same page, they do have the standard free Lili account as well as the new Lili Pro option which is $4.99 per month but regardless of which account you decide to go with you’re going to have no maintenance fees, transfer fees, minimum balance requirements, or any of that plus you get their network of 38,000 free to use ATM’s.

There are a million features to go over but the first one that I feel really sets Lili apart from the competition is that this truly is one checking account for both your business AND your personal finances. Lili can also automatically save a portion of your income to cover all of those relevant taxes and don’t worry if you have absolutely no idea how much you should be setting aside, Lili is going to help you estimate your tax payments. Not only are they going to automate your taxes but they also have an automated savings feature that allows you to regularly set money aside into an emergency bucket which is probably a good idea not only for you personally but for your small business or side hustle as well.

Okay I know I get way too excited about saving money on taxes and automated finances but as far as your more standard banking features are concerned, you can easily deposit checks right from within the app, withdraw cash at over 38,000 free to use ATM’s, and you are still able to use off-network ATMs but that is going to cost you $2.50 if you’re in the US and $5 if you’re outside the US so just keep that in mind. Plus you can even deposit cash at over 90,000 retail locations like Rite Aid, CVS, Walmart, and several others as part of the GreenDot system. Another awesome feature that Lili has that I have not seen from freelance-focused business accounts is the ability to get paid up to two days early.

But Lili didn’t want to stop there and I love the fact that they are now offering some higher-level features with Lili Pro for a small fee of just $4.99 per month. For starters, you get the premium visa business debit card and I will clarify that you do get a visa business debit card with the standard account but with the paid account you’re going to earn cashback from participating merchants, a very competitive 1% APY on all of the money in your savings account, and up to $200 of no-fee overdraft protection through Balance Up. But wait there is more, the last major feature that comes with Lili pro that I know I personally will use the most is the ability to create and send an unlimited number of invoices.

0:00-What Makes Lili Different?
1:42-What is Lili?
2:33-Business AND Personal Banking
3:09-Automated Tax Bucket
4:31-Automated Savings Bucket
5:36-Get Paid EARLY
6:31 Lili vs. Lili PRO
7:36-1% APY with Lili PRO
8:10- Overdraft Protection with Lili PRO
8:54-Send Unlimited Invoices with Lili PRO
10:35-My Opinion on Lili PRO

#WhyLili #Freelancer #SideHustle #Ad #MobileBanking #LiliPartner @hellofromlili

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This bank account is a freelancer’s dream | Lili Pro Account Review

This bank account is a freelancer’s dream | Lili Pro Account Review

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Finding a bank account for your freelancing business or sole proprietorship or small business can be tough. Finding one that has tax tools, invoicing, cashback rewards, an emergency fund, an interest account, expense reporting, etc, is even tougher. In this video I review The Lili banking account for freelancers and their brand new Pro account offering. If you are looking for a bank account that’s a fit for your business, this might be the very best bank account for freelancers out there. ▼▼

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00:00 – Intro
00:26 – Spoiler Alert
01:27 – Hello from Lilly The Cat
01:44 – History
02:32 – Lili’s Features
05:49 – Lili Pro Features
07:45 – Downsides
09:00 – Conclusion

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Lili charges no monthly maintenance, overdraft, transfer, returned check, or minimum fees whatsoever.

First, every charge you make with your debit card can easily be categorized as either personal or business, just by swiping the transaction to the left or right, right from the app. This makes it extremely easy to track your expenses later.

In fact, Lili has a reporting feature built right into the app. From there you can create statements and expense reports, and even export them to Excel.

Lili’s Tax Bucket allows you to automatically set aside a certain percentage of all your income so that when tax time comes, you’re not caught completely off guard.

The Tax Bucket essentially acts as a way to withhold those taxes and keep the funds out of your main checking balance so that when the time comes, you’ll have it all ready to go.

Some of the reports you can generate include net income and work income, which lays everything out in an easy-to-use format, kind of like a W2 can do for those in more traditional jobs. Honestly, for a freelancer or small business owner, it doesn’t get much easier than that–especially without paying for software like Quickbooks.

Lili also offers what they call the Emergency Bucket, which is a way to prepare for any unforeseen expenses. Any funds you transfer to the emergency bucket won’t show up in your available balance, which means it stays out of sight and out of mind. That is, until you need it. You can also set up automatic daily transfers to your emergency bucket, making it even easier to save consistently.

Lili just launched Lili Pro. This takes everything that is great about their standard account and makes it even better. This is one of the rare exceptions to Lili being fee-free. To get the Pro account you will pay a $4.95 a month fee.

Before you get upset about fees, let me tell you exaclty what you get, because I think $4.95 is a bargain for the value you get with this account.

First, the emergency savings account gets an upgrade. I love this feature Lili has because I don’t like stressing over having money in a slower month. Well with the Pro account, this emergency savings account now has a very competitive 1% APY. So now your money earns interest while it sits there waiting for an… emergency.

The next huge feature is invoices. You can now create and send unlimited invoices through the app. The invoice creation process is very quick and easy.

The next pro feature is you will now get cashback rewards on the visa debit card. Surprisingly, this is a feature that not many business-oriented banks offer so it’s definitely worth taking advantage of.

Lili’s BalanceUp feature. This is their version of overdraft protection. If you overspend and overdraft your account, they will cover you up to $200 with no fees.

Lastly, Lili Pro gets your higher account limits. With Pro your daily spending limit is upped to $5000 and your ACH outbound transfer limit is upped to $2,000.

DISCLOSURE: Some of the links on this page are affiliate links, this means that I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions are a great way to help fund and support the channel. 

I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

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