Fintech startup Lili, which develops and operates a digital banking platform in the U.S., has won first place in the ranking for the best bank and app for small and medium-sized businesses. The competition, organized by Tearsheet, included technology, services, and product companies driving growth and innovation in the American SMB (Small and Midsize Business) sector.
Lili's digital banking platform serves over 600,000 business owners in the U.S., enabling them to manage their finances more efficiently and focus on growth. Tearsheet's judging panel noted that Lili's all-in-one platform allows freelancers and independent professionals to consolidate all aspects of banking, accounting, and taxation in one place. This service is offered without fees, without the need for minimum balances, and includes the option for limited overdrafts, which is uncommon in traditional banking in the U.S., providing flexibility in cash flow management.
The judges highlighted the ease of opening an account within minutes, in contrast to the lengthy and cumbersome process of setting up a business account with traditional banks. They also praised Lili's innovative tools, such as Accountant AI, which provides business owners with immediate, personalized financial guidance, helping them make better business decisions using artificial intelligence, and Lili Academy, which offers advice to freelancers on improving financial management, reducing expenses, and increasing revenues. Other winners in different competition categories included Bill, U.S. Bank, Vagaro, and Intuit QuickBooks.
Lilac Bar David, co-founder and CEO of Lili, said: "Small and medium-sized businesses are a central engine of the economy, creating around 30 million jobs in the U.S. We are proud to be recognized for our contribution in easing and supporting independent professionals in managing their business finances. By unifying banking, accounting, and tax matters into one platform, we save them significant time and resources, which they can dedicate to advancing their work and improving their quality of life."
Lili's banking platform includes numerous additional applications, such as comprehensive income and expense management, direct payment to suppliers and service providers through the app, pre-allocation of funds for taxes to avoid surprises, reporting to tax authorities, refund management, advance withdrawals against receivables, deposits, and more.
Lili was founded in 2018 by Lilac Bar David, CEO, and Liran Zilka, CTO, who have over 20 years of experience in fintech and high-tech. The company has raised $80 million from leading investors, including Dovi Frances' Group 11, Target Global, and other funds. It currently employs 60 people in its development center in Israel and offices in the U.S. This year, Lilac was recognized as one of America's exceptional entrepreneurs by Goldman Sachs. Additionally, the company was included in Deloitte's list of 500 fastest-growing technology companies and Inc.'s list of 5,000 fastest-growing private companies.