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Lili, a financial platform tailored for small business owners, announced the launch of Lili Connect, an embedded finance integration designed to streamline financial management for small businesses.
Lili Connect enables partner companies to embed Lili’s comprehensive banking, accounting, and tax tools directly into their own platforms, providing small business customers with a one-stop financial solution.
Through Lili Connect, partners can offer a range of financial tools, including a business checking account, automatic transaction categorization, smarter invoicing and bill pay, automated financial reporting, and tax-saving options like the Tax Bucket, which allows users to easily set aside funds for taxes.
Lili Connect also simplifies account setup, eliminating the lengthy account opening processes often associated with traditional banks. Through Lili’s embedded application, partner companies can help small business owners open business banking accounts online in just minutes, facilitating faster financial onboarding.
“Financial management tools should help small businesses, not be a hindrance to their growth,” Lilac Bar David, co-founder and CEO of Lili, says in a statement from the company. “Embedded finance is the future of finance, and Lili Connect is yet another important step toward empowering more small business owners to simplify and take better control over their finances.”
Benefits of Lili Connect for Partner Companies
Unlike traditional Banking as a Service (BaaS) models, Lili Connect allows partners to integrate financial services without incurring risks related to financial losses, fraud, compliance, customer support, or infrastructure maintenance. This approach provides partners with the opportunity to enhance user experience, boost operational efficiency, and strengthen customer loyalty through seamless financial tools.
With Lili Connect, partner companies can also unlock new revenue streams and leverage financial data to offer more tailored solutions to their small business customers. This embedded finance capability supports faster growth and helps partners deliver a more personalized experience.
Lili Connect serves businesses across various industries. Earlier this year, Lili partnered with Dun & Bradstreet to assist businesses in building their credit. Additional collaborations include partnerships with business formation services such as US Corporate Solutions, Direct Incorporation, and GovDocFilings, which provide a unified financial experience for new businesses. Through its partnership with TouchSuite, Lili Connect also enables businesses to manage sales revenue and access loans seamlessly. A collaboration with e-commerce platform Convesio offers online businesses an integrated financial management solution.
As the embedded finance industry continues to expand, Lili is positioned to support small businesses with innovative financial tools. Recent data from Dealroom projects the embedded finance market could reach $7.2 trillion by 2030.
