In today’s top news in digital-first banking, Lili has notched $55 million via a Series B funding round, while MiCamp Solutions has purchased American Bank Payments in conjunction with joint venture partner Twenty20 Payments. Plus, Bottomline and Autobooks are collaborating on small and medium-sized business (SMB) banking.
Lili, the banking app for freelancers, has landed $55 million through a Series B funding round, which takes the upstart’s overall funding to $80 million. Group 11 headed up the funding round, which saw participation from current investors such as Altair and Target Global. “We are redefining a new kind of user, who is between a consumer and a business and has specific needs,” Lili Co-founder and CEO Lilac Bar David said, per a published report.
MiCamp Solutions, the merchant services provider, has acquired payment processing firm American Bank Payments in conjunction with Twenty20 Payments, MiCamp’s joint venture partner. MiCamp Solutions, which is based in Scottsdale, Arizona, is a financial technology firm that was established in 2007. The firm has 17,000 customers worldwide and processes some nine billion payments annually. “We are excited to acquire American Bank Payments and add its portfolio to ours,” MiCamp Founder Micah Kinsler said.
Autobooks’ invoicing, receivables and accounting infrastructures will combine with Bottomline’s Digital Banking IQ technology with a tie-up between the two firms. As a result, financial institutions (FIs) will have the capacity to offer a connected digital experience and a complete array of integrated payments and cash lifecycle offerings built for small firms. “Together with Bottomline, we are helping small businesses improve cash flow and enabling financial institutions to better compete for the next generation of digital customers,” Autobooks CEO Steve Robert said.
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- Lili Notches $55 Million For Freelancers’ Digital Banking Service
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May 12, 2021 at 06:58PM