How Lili Pro bolsters the US$1.2trn freelance economy

An image of Lili, Fintech, How Lili Pro bolsters the US$1.2trn freelance economy

An all-in-one app for the self-employed, the neobank now includes business and tax solutions to support the growing needs of the projected 90 Million US freelancers.

Lili, the all-in-one banking app designed for freelance workers, announced today the release of Lili Pro, premium service and the first product expansion since launching in January 2020. Lili Pro was developed as a direct response to COVID’s acceleration of the gig economy in partnership with an advisory of freelancers to give every independent worker access to the tools they need to build financial security.

“The new economy is here. And the new economy is freelance,” said Lilac Bar David, CEO of Lili, “Lili is solving the financial burdens plaguing the next generation of freelancers who play such an integral role in our economy. We need to better equip this group with the tools to succeed, so they can worry less about financial challenges and continue pursuing their passions.”

In 2020, an estimated 59 million Americans reported being freelancing over the past year, making up 36% of the nation’s entire workforce. Research found that freelancers contributed US$1.2trn to the US economy in annual earnings – a 22% increase since 2019. COVID pushed an entire generation towards freelancing. 50% of Gen-Z have freelanced in the past year (36% started during COVID) with 90% planning to continue on this path. The total number of freelancers in the U.S. is projected to exceed 90.1 million by 2028.

Now more than ever, there is a critical need to support the influx of freelancers entering the economy. In May, Lili became the exclusive banking service partner of the Freelancers Union, the largest and fast-growing organisation fighting to protect millions of independent workers across the country. Building on this momentum, Lili collected research data from their community and first-hand experiences from Lili’s corporate team, a group of former freelancers themselves. This inspired the offerings of Lili Pro, built to empower this underserved community and solve frequent pain points such as creating an invoice or planning for tax season.

Lili’s platform design reflects the features that freelancers want to see in a modern banking experience. Earlier in the year, the team conducted a series of ongoing user-research surveys where they asked users what new features they would want on the platform. The survey results revealed the following insights:

  • 62% of freelancers wanted to avoid overdraft fees
  • 49% wanted to accept payments from clients directly
  • 44% wanted cashback rewards
  • 41% wanted a savings account with interest

READ MORE:

About Lili

Lili is an all-in-one banking app designed for freelance workers. Combining banking services with real-time expense tracking, tax tools and financial insights, Lili empowers independent workers with the tools they need to stay in control of their finances while saving time and money. Led by serial entrepreneurs with 20 years of fintech experience, CEO Lilac Bar David and CTO Liran Zelkha, Lili is backed by Group 11, Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, and Zeev Ventures. Founded in 2018, Lili is headquartered in New York and serves customers in all 50 states. Banking services are provided by Choice Financial Group Inc., a Member FDIC.

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

An image of Lili, Fintech, How Lili Pro bolsters the US$1.2trn freelance economy

Amber Donovan-Stevens

Amber is a Content Editor at Top Business Tech

What will gaming look like when it goes into the...

James Ponter • 08th July 2022

One of the biggest hurdles in cloud gaming is the reluctance of ‘gamers’ to adopt the system, but developers and tech giants aren’t slowing down their move to the cloud. So, what is cloud gaming? How can we expect the landscape to look in a few years? And most importantly, what are the limitations? By...

The cost of living crisis.

TBT Newsroom • 29th June 2022

What Communication Service Providers can do to help their customers cope with the cost-of-living crisis. We’re all familiar with the rip roaring marketing slogans of our U.K. Communication Service Providers – ‘together we can’, ‘The future is bright’, ‘It’s all about you’…but sadly, these no longer appear to ring true for the millions of consumers...

Thriving In The 5G Era.

TBT Newsroom • 26th June 2022

As consumer demand rises, and network availability expands, 5G is becoming more viable for widespread use — by 2027 it’s expected to cover 75 per cent of the world’s population. However, it’s still no secret that 5G uptake is dawdling and many enterprises still aren’t enjoying its benefits.

Why Low-Latency Is So Important.

TBT Newsroom • 23rd June 2022

Consumer interest in 5G technology has been fueled by the arrival of glamorous, speedy handsets such as Apple’s iPhone 12, with 5G networks now rolled out to many towns and cities across the country.