Lili is a fintech that offers banking services for small businesses. It supports a wide range of business types, including LLCs, partnerships, S corporations, and C corporations. Lili Business Banking Review
Many small business owners are accustomed to dealing with fluctuating income. Keeping costs low isn’t just an option — it’s a must.
Lili has developed a checking account product specifically designed for small businesses. It offers expense management, tax savings, and reporting features, as well as international wires, team and accountant access, and a high-yield savings account. It even offers a free Core account.
But does Lili offer enough small business-specific features that you should consider switching from your current business checking provider? Let’s find out. Lili Business Banking Review
Table of Contents
What Is Lili?
Lili is a banking fintech (not a bank) that is oriented toward small business owners. Banking services provided by Sunrise Banks N.A., Member FDIC. It was founded in November 2018 and is based in New York City. Its founders are Lilac Bar David and Liran Zelkha. Lili has raised $80 million. Bar David says that Lili has seen exponential growth. She believes the reason for this is that more people are seeking banking solutions tailored Lili Business Banking Review
What Does It Offer?
Lili offers a wide range of business banking services to small and mid-sized businesses. After signing up for Lili, you’ll download the mobile app to manage your account. If you prefer to use Lili’s website, you can now access Lili there as well.
Deposits And Payments
Each checking account comes with a Visa business debit card. Some people may balk at the fact that there isn’t a business credit card. However, Lili is a checking account product, so providing an accompanying debit card makes sense.
From the mobile app, you can freeze or unfreeze your debit card. For businesses with multiple owners, Lili now offers multi-user access and a debit card for each business owner. Lili Business Banking Review
The Lili Visa® Debit Cards are issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Like other banks, Lili’s customers receive a routing number, allowing them to set up direct deposit with their clients. However, where Lili truly shines is in the speed of deposit delivery. It says that its customers receive direct deposits up to two days earlier than they would at a traditional bank. Currently, you can deposit no more than $50,000 per month into your account, but the Lili team plans to increase these limits soon.
Additionally, Lili offers cash deposits through leading retailers (approximately 90,000 locations), allowing users to connect their existing payment apps (Venmo, CashApp, PayPal) and online platforms (e.g., Fiverr, Upwork) to Lili, thereby receiving payments directly into their bank account. Lili Business Banking Review
Domestic and International Wires
In addition to direct deposit, Lili now accepts domestic wire transfers as a form of income. This provides Lili customers with another payment option, making it faster and easier to get paid. There is no charge to receive domestic wires, and there is no limit to the wire amount or the number of wires you can receive.
Lili’s international payments solution enables customers to send and receive payments in over 32 countries across North America, Europe, and Asia in over 130 global currencies. With unlimited inbound transfers, high outbound transaction limits, enhanced security, and competitive pricing, this new solution supports global business growth. Customers can send or receive funds via wire in as little as 24 hours.
According to Lili, customers will have access to funds wired into their account no later than the next business dat after Lili has received the funds (providing the wire has been received by 4 PM EST on any business day. Lili Business Banking Review
Mobile Check Deposit
One area of concern is mobile check deposits. The feature is available in the mobile app, but you must have at least $200 deposited into your account each month to access it. This may not be a hurdle for some SMBs. However, others will need to find a way to deposit the first $200 into your account per month without using a mobile deposit. One potential solution would be to start depositing any paper checks after your first digital payment arrives. Lili Business Banking Review
Business credit Building
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Lili understood that for many entrepreneurs, building business credit remains a confusing and inaccessible process. Lili teamed up with Dun & Bradstreet to launch the BusinessBuild program, a credit-building solution that helps entrepreneurs build and monitor their business credit profile directly from their Lili account with the goal of empowering small businesses to build their credit profile.
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The BusinessBuild Program embeds smart credit-building tools into everyday financial operations, making it easier to monitor, build, and optimize business credit. The program includes:
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BusinessBuild Credit Card- a secured credit card that enables business owners to build their credit profile with every purchase by reporting activity to Dun & Bradstreet.
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Credit Monitoring: Lili is the first to globally launch the credit monitoring powered by Dun & Bradstreet, setting a new standard for how small businesses access and manage their credit data. Customers can monitor 6 key Dun & Bradstreet credit scores including PAYDEX®, Delinquency, and Failure Scores and more, plus receive real-time alerts to see what’s driving their credit scores and spot risks early.
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Training and guidance: Customers will have access to expert-led training, step-by-step guidance, and resources designed to help them navigate their business credit journey.
The program is available as an add-on to all plans, with a one-month free trial, followed by three months at $18/month, and $30/month thereafter. Lili Business Banking Review
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Team Access
Customers can securely invite team members to manage their business finances with role-based permissions—whether it’s handling bookkeeping tasks or payment approvals without unnecessary back-and-forth. Assign administrator access to trusted employees for control over banking and accounting activities, or give your accountant access to view reports and monitor finances with confidence. Lili Business Banking Review
Fast Payments
Business owners can accelerate money transfers to support business operations. Accelerate transfers from merchant accounts and ecommerce platforms. Send and receive funds via Express ACH, wires, and expedited same-day checks. Lili Business Banking Review
Third-Party Integrations
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Lili integrates with external platforms such as Shopify, Stripe, Square, PayPal, Venmo, Gusto and more, making it easy to connect your e-commerce, payroll and payment tools.
Multiple Account Access
If you have more than one business you can open up to four accounts and access all your business accounts with a single login. This allows you to see all your business activity in one place, even if they are in separate businesses. Lili Business Banking Review
Mobile App And Desktop Support
Lili was founded as a mobile-first company, but over the last year they’ve rolled out desktop support as well. This is very helpful for small business owners who need access to reporting and found it tedious to email yourself reports to view. Lili Business Banking Review.
Lili Account Plans
Lili now offers four account plans: Core, Pro, Smart, and Premium, which include the following features:
- Advanced Business Checking Account
- Visa Business debit card (Core only)
- Visa® Business Pro debit card with Cash Back Rewards (Pro and Smart plans only)
- Fee-free ATM withdrawals at 38K locations
- Get paid up to 2 days early
- Domestic and International wire transfers
- Automatic Tax Savings
- Fee-free Overdraft up to $200
- Bill Pay
- Up to 4.00% APY on Savings
- Metal Visa® Business Pro debit card with Cash Back Rewards (Premium only)
- FDIC insurance up to $3M through sweep networks
The mid-range Lili Smart plan, which Lili recommends, adds valuable accounting features, including Smart Bookkeeping, Financial Reports, Unlimited Invoices and Payments, and Tax Reports (1065/1120/Schedule C).
Finally, Lili Premium builds on the features of the Smart plan by unlocking access to priority customer support, which includes a dedicated Account Specialist, and an upgraded debit card (Metal Visa® Business Pro debit card with Cash Back Rewards.) Lili Business Banking Review.
Lili Banking Limits
Lili has the following daily, weekly, and monthly transaction limits. Here’s how it breaks down:
Outgoing Payments
- ACH & Domestic Wire: $50K daily / $250K monthly
- International Wires to 25+ countries: $50K daily / $250K monthly
- Mailed Checks: $25K per check / $100K monthly
Incoming Payments
- ACH In (Linked Account): No daily limits / No maximum limit
- International Wires from 25+ countries: Unlimited
- Mobile Check Deposit: No daily limits / $50K monthly
- Cash Deposits: $1,500 daily / $3,500 weekly / $5,000 monthly per cardholder
ATM Withdrawals
- $1K daily per cardholder
Card Purchases (Signature and PIN)
- $10K daily per cardholder
Are There Any Fees?
As you can see in the chart above, aside from the Core account, which is free, all Lili account plans charge a monthly fee. The Pro plan is $15.00 monthly, Smart is $35.00, and the new top-tier Premium plan is $55.00. What you have to decide is whether the various plans are worth the cost, based on your needs. Lili Business Banking Review.
How Do I Open An Account?
You can visit the Lili website to open an account. It only takes about 3 minutes. Lili allows you to hold multiple business accounts under a single login, and it accepts non-U.S. business owners from over 30 countries.
Once you complete the application on the website, you’ll download the mobile app to begin using Lili. Your Visa debit card should arrive within 10 business days, but you can start using your digital debit card immediately.
Note: Lili is also open to non US entrepreneurs with US-based businesses including—including those from Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Finland, France, Germany, Greece, India, Ireland, Israel, Italy, Mexico, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, the United Kingdom, and Uruguay.
Is My Money Safe?
Yes, Lili uses bank-grade encryption and deposits are FDIC-insured up to $3,000,000 for each depositor through its partner banks, including Sunrise Banks N.A., Member FDIC. Lili Business Banking Review.
You can also freeze and unfreeze your debit card at any time. Additionally, you can receive real-time transaction notifications.
Why Should You Trust Us?
I have been writing and researching banking and personal finance products since 2009. At The College Investor, we’ve been comparing and reviewing banks since 2018, and track the best banks for savings and money market accounts daily from a list of over 50 major banks and credit unions.
Furthermore, our compliance team reviews our rates every weekday to ensure that we are accurately showing the correct rates and terms so you can make an informed decision about where to open a savings account.
Who Is This For And Is It Worth It?
If you prefer to do your small business banking via your mobile device, Lili could be a good choice. The fees are reasonable when considering all the features you receive, especially with the Smart account plan, which offers the most value.
If you want more features than the Basic plan offers, but the monthly fees are a concern, you may want to consider other business checking accounts like LendingClub Bank’s Tailored Checking or Novo, which may be more affordable choices. Lili Business Banking Review.