Just a short time after announcing a $10 million seed funding round, Lili has secured additional investment – a $15 million Series A round.

The company, established by CEO Lilac Bar David and CTO Liran Zelkha, is developing a banking account and related services specifically for freelance professionals. These services include early access to direct deposit funds and a feature allowing users to automatically allocate a portion of their earnings for tax payments.

The account, paired with a Visa debit card, does not include overdraft charges or require a minimum account balance. Bar David explained that the company generates revenue solely through transaction processing fees.

She also noted the platform’s substantial growth this year, with transaction volumes increasing by 700% since the start of the pandemic and close to 100,000 accounts created since its 2019 launch.

Bar David believes the economic challenges brought on by COVID-19 have encouraged more highly skilled professionals – such as software developers and digital marketing specialists – to pursue freelance work. She has also observed a significant trend toward freelancers transitioning from part-time to full-time work.

“Reliance on a single employer creates vulnerability in a traditional 9-to-5 job,” she stated. “A diversified client base provides income security, protecting against job loss.”

Lili has recently introduced several new features, including automatically generated quarterly reports detailing income and expenses, a digital debit card for immediate use prior to physical card delivery, and the ability to send and receive funds through Google Pay (in addition to existing support for Cash App and Venmo).

Bar David stated that the decision to raise further funding was made to bolster the engineering team and accelerate the company’s expansion. While initially preparing for a standard Series A fundraising process, she explained that “our investors were highly impressed with the product’s market reception and growth,” leading them to provide the majority of the new funding.

The Series A round was spearheaded by existing investor Group 11, with contributions from Foundation Capital, AltaIR Capital, Primary Venture Partners, and Torch Capital, as well as new investor Zeev Ventures.

“As the global workforce undergoes rapid transformation, we are pleased to lead another funding round to enable Lili to capitalize on unprecedented demand and deliver a novel solution that helps freelancers efficiently manage their time and finances,” said Dovi Frances of Group 11 in a released statement.