Lili, the financial platform designed for small business owners, today announced the launch of Lili Connect, a built-in financial integration that streamlines banking, accounting, and tax processes for small businesses. This will enable partners to offer Lili’s comprehensive financial management tools directly through the platform.
With Lili Connect, partners can take advantage of Lili’s unique services, including business checking accounts, automated transaction classification, smarter invoicing and bill payment solutions, automated financial reporting, and tax savings tools to support small and medium-sized businesses. of customers can manage their financial needs in one place. Tax Buckets, which allow customers to conveniently set aside funds for taxes1.
Additionally, while many traditional banks typically have long and tedious account opening processes for small business owners, our partners can take advantage of Lili’s built-in application process to allow customers to conduct business banking online. We can help you open an account and set you up for financial success, often within minutes.
“Financial management tools are meant to help small businesses, not hinder their growth,” said Lilac Bar-David, co-founder and CEO of Lili. “Embedded finance is the future of finance, and Lili Connect is an important step in helping more small business owners simplify and better manage their finances.”
Compared to traditional Banking as a Service (BaaS) models, with Lili’s embedded financial applications, partners assume risks such as financial loss, fraud, compliance challenges, and operational burden of customer support. Enjoy the benefits of an embedded financial solution without having to worry about it. Maintaining banking infrastructure. This approach streamlines partner operations while providing fast, seamless banking services to customers, ultimately improving both user experience and business efficiency.
By incorporating Lili’s tools into their platform, Lili Connect partners can benefit from new revenue streams, increased customer loyalty, and the ability to leverage financial data to improve the overall customer experience. Masu. Embedded finance enables our partners to grow faster and offer more customized solutions to small business customers.
Lili Connect provides customized financial solutions across a variety of industries. Announced earlier this year, Lili’s collaboration with Dun & Bradstreet, a global leader in business data and analytics, allows companies to take a step toward establishing business credit2. Lili also initiated partnerships with business formation services firms such as US Corporate Solutions, Direct Incorporation, and GovDocFilings to create seamless financial steps for new businesses. Additional partnerships include Merchant Services Business, which allows businesses to instantly access, save or spend sales revenue, and access business loans and e-commerce platform Convesio to help consolidate online business financial management; This includes a partnership with TouchSuite.
This announcement comes at a time of rapid growth for the embedded finance industry. According to a report from Dealroom, the embedded finance market could reach $7.2 trillion by 2030.
