Member Exclusive, New banks

‘We’re building a new category’: Banking solutions for freelancers could become a hit

  • The rise in freelance careers is continuing this year.
  • Challenger bank Lili wants to carve out a niche that is part business, part consumer.
close

Email a Friend

‘We’re building a new category’: Banking solutions for freelancers could become a hit

With Covid erasing job openings and stretching unemployment numbers, 2020 saw an uptick in freelancers and gig grabbers. In 2021, this trend is continuing, with ‘self-employed’ taking up more space in CVs, and freelancers getting more spots among hirees. 

In late 2020, 90% of companies surveyed said they see a future advantage in shifting their talent model to containing a blend of both full-time and freelance employees, according to research by Harvard Business School and BCG’s Henderson Institute. 

Talent platforms are getting more traction as well. Fiverr’s Q1 revenue this year was $68.3 million — a 100% year over year growth. Its competitor Upwork also saw an increase. Its revenue for Q1 was $114 million — a rise of 41% compared to the same quarter last year.

Aiming to capitalize on this budding segment is Lili, a challenger bank for freelancers. Having launched in January 2020, the company is still pretty young. But its growth is there — it recently passed 200,000 users. Last week, it raised $55 million in a Series B funding round. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘We’re building a new category’: Banking solutions for freelancers could become a hit”

New banks

‘If change is constant, why wouldn’t you build an operating model built on change?’: Takeaways from Tearsheet’s 2021 Convergence Conference

  • Both startups and traditional financial institutions are rolling out a broader set of products and services to their customers.
  • Tearsheet's Convergence Conference 2021 explored the evolution toward financial super apps.
Zachary Miller | September 24, 2021
New banks

Nerve, a challenger bank for musicians, hopes its cluster of features will entice artists to sign up

  • Launching on September 15, Nerve provides business and savings accounts.
  • The banking app also offers a private networking feature to help musicians make payments and collaborate.
Shehzil Zahid | September 16, 2021
New banks

When you get stuck, you can talk to us’: Albert’s new challenger bank status

  • Through its new checking account, Albert stands out as a challenger bank that promises immediate access to human financial experts.
  • But promising both quality and speed when your service is based on human expertise could be tricky.
Rivka Abramson | August 30, 2021
New banks

‘If you understand where people fail, you can do things to prevent them’: Can prize-linked savings help people save?

  • Yotta is bringing prize-linked savings to the US.
  • But a model where how much you win is determined by how much you can spend will have its obstacles.
Rivka Abramson | August 19, 2021
New banks

‘They’re all numbers anyway,’ Digits wants to change the way small businesses manage their finances

  • Today, most small businesses rely on external financial experts to help with their finances.
  • Digits hopes to change that with its AI-fueled dashboard. That could leave certain careers with a blurry future.
Rivka Abramson | August 12, 2021
More Articles