Lili Launches Lili Connect to Revolutionize Small Business Financial Management

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Oct 29, 2024, 08:30 ET

Partner Companies Serving Small Businesses Can Now Embed Lili's Financial Tools Within Their Platforms

NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Lili, the financial platform designed for small business owners, today announced that it is launching Lili Connect, an embedded finance integration that streamlines small business banking, accounting, and tax processes, allowing partners to offer Lili's comprehensive financial management tools directly through their platform.

With Lili Connect, partner companies can help their small business customers manage their financial needs in one place with Lili's unique offerings—including a business checking account, automatic transaction categorization, smarter invoicing and bill pay solutions, automated financial reports, and tax-saving tools like the Tax Bucket, which allows customers to conveniently set aside money for taxes^¹.

Additionally, while many traditional banks typically have long, cumbersome account opening processes for small business owners, now partner companies can utilize Lili's embedded application process to help their customers open dedicated business banking accounts online, often within minutes, setting them up for financial success.

"Financial management tools should help small businesses, not be a hindrance to their growth," said Lilac Bar David, co-founder and Chief Executive Officer of Lili. "Embedded finance is the future of finance, and Lili Connect is yet another important step toward empowering more small business owners to simplify and take better control over their finances."

Compared to traditional Banking as a Service (BaaS) models, Lili's embedded finance application allows partners to enjoy the benefits of an embedded finance solution without assuming the risks, such as financial losses, fraud, compliance challenges, the operational burden of customer support, and maintaining banking infrastructure. This approach streamlines operations for partners, while empowering their customers with fast, seamless banking services, ultimately enhancing both user experience and business efficiency.

By embedding Lili's tools into their platforms, Lili Connect partners can benefit from new revenue streams, enhanced customer loyalty, and the ability to harness financial data to improve the overall customer experience. Embedded finance will enable partner companies to grow faster and provide more tailored solutions to their small business customers.

Lili Connect offers tailored financial solutions across a diverse range of industries. Announced earlier this year, Lili's collaboration with Dun & Bradstreet, a global leader in business data and analytics, enables businesses to take steps toward establishing their business credit^². Lili has also launched partnerships with business formation services companies, including US Corporate Solutions, Direct Incorporation, and GovDocFilings, to create a seamless financial step for new businesses. Additional partnerships include those with merchant services business TouchSuite to enable businesses to instantly access, save, or spend their sales revenue or access business loans and e-commerce platform Convesio to help online businesses unify their financial management.

This announcement comes during a period of rapid growth for the embedded finance industry. A Dealroom report found that the market for embedded finance could reach $7.2 trillion by 2030.

For more information about Lili Connect, please click here.

About Lili
Founded in 2019 by financial and tech industry veterans Lilac Bar David and Liran Zelkha, Lili is a financial platform designed specifically for businesses, offering a combination of advanced business banking with built-in accounting and tax preparation software to help business owners better streamline and simplify their finances. Backed by Group 11, Foundation Capital, AltaIR Capital, Primary Venture Partners, Torch Capital, Target Global, and Zeev Ventures, Lili is headquartered in New York and serves customers in all 50 states. Banking services are provided by Sunrise Banks, N.A., Member FDIC. To learn more, visit lili.co.

Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC.

^¹ Accounting, tax preparation, and invoicing software are available to Lili Smart and Lili Premium account holders only; applicable monthly account fees apply. For details, please refer to the Sunrise Banks Account Agreement.

^² By integrating your Lili Business Bank Account through the D&B Credit Insights banking integration feature, there may be potential for you to positively impact your Delinquency and Failure Scores. Dun & Bradstreet requires a minimum of six months of business banking transaction history to be able to potentially impact these scores.

SOURCE Lili