Lili Reviews

Lili | Banking Designed for Your Business

lili.co
3.70
126 reviews
Great Rating
Based on 126 user experiences

Rated 3.70 out of 5 by 126 Happy Customers

45.2%
15.9%
15.9%
6.3%
15.9%
All 5 ★ 4 ★ 3 ★ 2 ★ 1 ★ 😊 Positive 😐 Neutral 😞 Negative Reset Filter
J

Check deposits take longer than

Check deposits take longer than expected and stripe seems to take forever to deposit Being new in business liquid funds are essential
R

New Account Opened

It s been over 96 hours and Lili Bank still hasn t gotten back to me about the status of my new Business account After 6 days time they have finally confirmed the opening of my account
R

Good for sole proprietors only - Not multi-partner

Early days on the account However the 3-star is because they didn t mention that the account does not allow access to more than 1 user I m an LLC with two partners I m the only one that can receive a debit card or track expenses from the app Big miss This is only for sole proprietors and I m sure it is an OK starter app
C

Very Poor Customer Service Response

I appreciated Lili Business account as I was just starting up a new small business But decided to just go with my card processor to help eliminate cost and extra accounts at this time I am upset that I cannot cancel my subscription online or through the app And while I can understand calling to close an acoount I have tried numerous times to call various times through the day I am EST as well and just get disconnected Just get a generic reply when emailing customer service to try to cancel close account I am glad I decided to go somewhere else because of this I just wish someone would answer the phone or reply to my emails so I can get this resolved
C

I don t like the fees

I don t like the fees especially since BlueVine is free and even Chase allows me different ways out of the monthly fee It s actually one of the reasons I haven t fully transferred my business accounts to Lili wholeheartedly
C

Only problem waiting I have is customer

Only problem waiting I have is customer service If something happens at night or on the weekend your screwed they need to have people able to help 24 hours a day It sucks when all youir money gets tied up and you get stuck out in a bad situation because there is no one to help at night holidays or weekends improve this and I would give 5 stars 3asily
C

If your looking for a great banking just don t hope for customer support

If your looking for a great banking platform this is great until you need something Tried to deposit via mobile but the link doesn t work because there wasn t one When you speak with customer service they say they can help But when you send an email they never get it When you ask for a supervisor there isn t one They have 1 number on a flex line and only one email address Very dissatisfied with that but the banking is great
T

It works

I m still trying to learn this system but I believe was I do get it it will be more beneficial for me as a small business owner
T

Be Aware of Lili and Preauthorization holds

Here is my experience as a Lili customer I used my debit card to book a free hotel room on 12 11 2023 and as of 12 27 2023 the preauthorization charge is still pending 17 days later I did a 3-way call with Lili and the Merchant and the Merchant advised that the preauthorization charge was released on their side back on 12 13 2023 Per Lili Customer Service Rep in order to assist me they will need a folio that shows the payment was released The merchant advised there is nothing they can send me but a blank folio which they did I sent the blank folio to the support email as requested by the Customer Service Rep and received an email response that the special team needs to investigate the issue I don t understand what needs to be investigated when the Merchant has already verbalized over the phone with the Customer Service Rep that there is nothing that the Merchant can do To have a pending charge for 17 days seems excessive In my entire life I have never ever had a pending charge last this long and a bank who refuse to do anything about it This is beyond frustrating and shows a lack of customer service resources and tools on Lili side if you cannot simply release the funds when the Merchant has already verbalized and the pending transaction has been 17 days now when are you going to resolve this issue a year from now
T

Pros Cons

They Are Good But Will Play With Your Money Sometimes Dont Expect Anything Special Like A Account Credit For Disputed Transactions Or An Expedited Debit Card They Arent The Worst Though Believe That

About Lili

Whether you're a small business owner or freelancer, Lili offers you tools you need to save money and grow your business.

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Frequently Asked Questions

Lili is a financial technology platform specifically designed for freelancers, independent contractors, sole proprietors, and small business owners. It provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single mobile application to address the unique financial challenges faced by self-employed individuals.

Lili offers a business checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and have access to a large network of fee-free ATMs. Features include early direct deposit and customizable expense buckets to organize funds for taxes, savings, or business expenses.

Lili automates expense tracking by categorizing transactions into IRS-approved categories. It includes a receipt capture feature to digitally store and match receipts to transactions. The platform also provides real-time income and expense tracking, and it automatically calculates estimated tax liabilities, helping users set aside funds in a dedicated 'Tax Bucket'.

Beyond banking and bookkeeping, Lili allows users to create and send professional invoices directly from the app, with notifications for when invoices are viewed and paid. The platform also offers insights and resources, such as articles and tools, tailored to help freelancers manage irregular income and maximize tax deductions.

Yes, funds held in Lili accounts are FDIC-insured up to $250,000 through its partner bank. The platform employs robust security measures including encryption, instant transaction alerts, and the ability to instantly freeze a debit card from the mobile app for added security and peace of mind.

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About Lili

Lili: The Financial Platform for Freelancers and Small Business Owners

Lili.co is a dedicated financial technology platform designed specifically to meet the unique needs of freelancers, independent contractors, sole proprietors, and small business owners. Recognizing the distinct challenges faced by the self-employed, Lili provides an integrated suite of banking, bookkeeping, and tax optimization tools within a single, streamlined mobile application. The platform's core mission is to simplify financial management, saving users time and money while empowering them to focus on growing their business.

Core Banking Services

At its foundation, Lili offers a modern business banking experience through a checking account with no monthly fees, no minimum balance requirements, and no overdraft fees. Account holders receive a Visa® Business Debit Card and enjoy access to a vast network of fee-free ATMs. Key banking features include early direct deposit, enabling users to access their funds sooner, and customizable expense buckets to help organize and set aside money for taxes, savings, or business expenses directly within the app.

Integrated Financial Management Tools

Lili distinguishes itself by seamlessly integrating essential financial tools beyond basic banking. These features are engineered to automate and simplify the administrative burdens of self-employment:

  • Automated Expense Categorization:Transactions are automatically sorted into IRS-approved categories, making tax time significantly less complicated.
  • Receipt Capture:Users can instantly snap photos of receipts within the app, digitally storing them and matching them to corresponding transactions.
  • Real-Time Income & Expense Tracking:The app provides a live dashboard view of cash flow, profit & loss, and deductible expenses, offering immediate insight into business financial health.
  • Tax Estimation & Savings Tools:Lili automatically calculates estimated tax liabilities and helps users set aside the appropriate funds in a dedicated "Tax Bucket," reducing year-end surprises.

Features for Business Growth and Efficiency

Beyond day-to-day management, Lili provides functionalities aimed at supporting business operations and growth. Users can create and send professional invoices directly from the app and receive notifications when they are viewed and paid. The platform also offers valuable insights and resources tailored to the freelance community, including articles, tips, and tools for managing irregular income and maximizing deductions.

Security and Reliability

Lili accounts are FDIC-insured up to $250,000 through its partner bank, ensuring deposits are safe and secure. The platform employs robust security measures, including encryption, instant transaction alerts, and the ability to freeze a debit card instantly from the mobile app, providing users with peace of mind regarding their business finances.

Target Audience and Value Proposition

Lili is meticulously crafted for the modern independent worker, including freelancers, gig economy participants, consultants, creators, and small business owners. The platform's primary value proposition is consolidation—replacing the need for multiple separate apps for banking, accounting, and tax preparation with one unified solution. By automating financial tracking and tax preparation, Lili aims to reduce administrative stress, improve financial organization, and ultimately help its users keep more of their hard-earned money.

In summary, Lili.co positions itself as more than just a bank; it is a comprehensive financial assistant for the self-employed. By combining essential banking services with powerful automated bookkeeping and tax tools, Lili provides a tailored ecosystem that addresses the specific pain points of running a solo business, allowing entrepreneurs to manage their finances with greater confidence and efficiency.