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‘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.
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‘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. 


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