Lili – Everything you need to know

Lili is a digital banking platform designed specifically for freelancers, entrepreneurs, and independent workers, offering tailored financial tools to help manage both personal and business finances seamlessly.

Founded in 2019, Lili aims to address the unique financial challenges faced by self-employed individuals by providing a comprehensive banking solution that integrates essential features like expense tracking, tax preparation, and savings, all within a user-friendly mobile app.

Moreover, at the core of Lili’s offering is a business checking account with no minimum balance requirements and no hidden fees, making it accessible and cost-effective for freelancers. The account comes with a Visa debit card that allows users to make purchases, pay bills, and withdraw cash from ATMs nationwide. Lili’s app is designed for simplicity, enabling users to manage their finances on the go, with features such as mobile check deposit, instant notifications for transactions, and real-time balance updates.

Likewise, what sets Lili apart from traditional banking is its suite of tools specifically designed for freelancers. The app includes automatic expense categorization, which helps users track their business-related spending and separate it from personal expenses. This feature is particularly valuable for tax preparation, as Lili provides an integrated tax-saving tool that estimates how much users should set aside for taxes based on their income and expenses.

In addition, Lili also includes an automatic savings feature, known as the “Emergency Bucket,” which allows users to set aside a portion of their income for future needs. This encourages financial discipline and helps freelancers build a safety net for times when income may fluctuate. Additionally, the platform offers a Tax Bucket, which helps users save for quarterly tax payments, reducing the financial stress that comes with being self-employed.

In summary, Lili provides a specialized banking solution for freelancers and independent workers, combining traditional banking services with tools for managing expenses, taxes, and savings. By catering to the unique needs of the self-employed, Lili helps users take control of their finances, simplify tax preparation, and save for the future, all in a secure and easy-to-use digital platform.