Neobanks represent financial institutions that operate their business exclusively online without maintaining any physical locations. Their digital financial services provide customers with convenient, accessible services, which also happen to be easy to use. Neobanks maintain low operating expenses, which allows them to provide traditional banks with lower fees alongside better interest rates. The 2007-2009 recession led to the widespread acceptance of Fintech companies in the market. Neobanks provide their users with basic banking functions through checking and savings accounts while giving limited investment opportunities. Their digital format lets neobanks operate without traditional bank branches, which enables them to charge lower prices and deliver better interest rates. The ability to rapidly adjust services brings better market service for their target audience, which has led many companies to focus on distinct banking fields, including budgeting goals and investment services. ‍Lili offers small businesses a unified platform for financial management. All businesses benefit from business banking coupled with smart bookkeeping features and unlimited payments and invoices combined with tax preparation software to gain real-time insight into their operations.

Business banking

This includes:

Business checking account

• Lili Visa® Debit Card.
• Mobile Check Deposit.
• Fee-free ATM withdrawals at 38K locations.

The business checking account allows cash deposits through participating retailers at 90k locations. Get paid up to 2 days early

The business banking service has no minimum balance requirement and needs no deposit to open an account. Which also includes:

• No hidden fees.
• Automatic Savings.
• Cashback Awards.
• Fee-free Overdraft up to $200.
• Savings Account with 4.15% APY.

Accounting on software

Users have access to expense management tools that generate various reports for accounting purposes.

Income & expense insights

The phone camera function lets you take quick pictures of expense receipts, which attach to financial entries automatically.

Profit & loss statements and cash flow statements are available on demand through the software.

Tax preparation

The software applies automated classification systems for tax purposes to transactions.

• Write-off tracker.
• Automated tax savings.

The software auto-populates business tax forms which include Forms 1065 and 1120 as well as Schedule C.

Invoicing software

Users can generate tailored invoices and distribute them using this software.

Accept all payment methods. The system allows users to monitor late payments and generate automatic payment reminder messages.

Support for your business

The Lili Academy serves as a video portal and educational resource center for small business operations management. Customers can access free tools with downloadable resources as well as long-form guides and relevant blog articles. Discounts on relevant tools from our partners. The platform delivers both business-oriented content and carefully selected newsletters.

The security system in your trust

The insurance coverage for each Lili account extends to $250,000 under the protection of our partner banks, Choice Financial Group Member FDIC and Sunrise Banks N.A. Member FDIC. The Lili business debit cards and accounts use top encryption technology with security features such as fraud detection and multiple verification steps. Transaction alerts appear right away to Lili customers through their platform while the account remains available from any device at all times, and the card can be frozen instantly.

Legal disclosures

The Lili company functions as a financial technology provider and does not operate as a traditional bank. The bank providing Choice Financial Group, Member FDIC, or Sunrise Banks N.A., Member FDIC operates the banking services. The Lili Visa® Debit Card functions as an issue from Choice Financial Group, Member FDIC, N.A., Member FDIC, with Visa U.S.A. Inc providing a license for production. You will find the issuing bank information on the back of your Card. The Card functions at every location where Visa debit cards receive acceptance. The service is available for Lili Pro, Lili Smart and Lili Premium accounts yet an applicable account fee exists for each plan. The Lili Savings Account is exclusively accessible by Lili Smart and Lili Premium subscribers who fulfill monthly account fee obligations. Lili Savings Account APY stands as a variable figure which may fluctuate

whenever the bank decides to alter it. The disclosed Annual Percentage Yield remains effective starting from September 1 2023. Account holders can earn interest when they maintain $0.01 or more balance in their savings account. The Annual Percentage Yield works for all savings amounts that do not exceed $100,000. All money above $100,000 in the account will not generate interest or yield. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.

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