Lili Launches Innovative Banking Solutions for E-Commerce Entrepreneurs

Lili's New Financial Solutions for E-Commerce

Lili, a cutting-edge financial platform aimed at small business owners, has recently unveiled a comprehensive suite of tools tailored for online merchants. With the launch of Lili Connect—its embedded finance integration—eCommerce platforms can now seamlessly offer custom banking, accounting, and tax solutions designed to meet the distinct needs of online businesses.

As reported by PYMNTS Intelligence, nearly 80% of small businesses are leveraging online stores to boost sales, highlighting the growing significance of eCommerce within the modern economy. In 2024, U.S. eCommerce sales hit an impressive $1.192 trillion, making up 16.1% of total retail sales, a notable 8.1% increase from the previous year according to the U.S. Census Bureau. This explosive growth underscores the necessity for financial tools that cater specifically to the unique challenges faced by these businesses, such as frequent transactions and the complexities of managing international payments.

Lili's new partnerships with leading eCommerce platforms like Convesio, North Commerce, and Hostinger provide online merchants with the opportunity to open business checking accounts directly on their platforms. This integration not only grants immediate access to store earnings but also provides automated bookkeeping and tax management solutions, significantly enhancing financial operations for growing businesses.

The nature of running an online store can be overwhelming for merchants who must juggle responsibilities such as inventory management, customer service, and now, finances. This is where Lili’s integration proves invaluable. Understanding that platforms like WordPress empower over 40% of websites, Lili has developed a plugin that incorporates financial management functionalities directly into day-to-day operations, allowing business owners to monitor earnings, manage expenses, and utilize banking tools—all from one cohesive platform.

Lilac Bar David, the co-founder and CEO of Lili, expressed excitement over these new capabilities. “eCommerce entrepreneurs are pioneers in the U.S. small business sector. They need financial solutions that evolve alongside their operations,” she stated, emphasizing the importance of providing integrated financial tools that simplify banking, accounting, and payment processes.

Tom Fanelli, CEO of Convesio, also commented on this partnership. “By joining forces with Lili, we’re able to provide WooCommerce merchants quick access to their funds through ConvesioPay at no extra cost—unlike many competitors. This seamless setup allows merchants to establish their Lili accounts effortlessly as part of the onboarding process, simplifying cash flow management significantly.”

Domantas Patinskas, Head of Business Unit at Hostinger, echoed this sentiment, pointing out how their collaboration will offer an enhanced experience for their customers. “This initiative helps freelancers, small business advocates, and online sellers—particularly those utilizing WooCommerce—get their businesses off the ground more swiftly. Instead of managing disparate providers, we’re promising an integrated setup that streamlines both hosting and financial responsibilities.”

Lili's eCommerce solution follows the recent introduction of Lili Connect, which also aims to accommodate international entrepreneurs by providing bank accounts for non-U.S. residents with U.S. businesses. As eCommerce grows, Lili is committed to evolving its financial tools, ensuring that entrepreneurs have the resources necessary to manage their enterprises effectively.

Founded in 2019 by financial and tech industry veterans, Lili provides a blend of advanced business banking with integrated accounting and tax preparation software, aimed at helping business owners streamline their financial operations. Backed by investors such as Group 11 and Foundation Capital, Lili's presence extends to all 50 states across the U.S., with banking services offered by Sunrise Banks, N.A., a proud member of the FDIC. For more insights into Lili's offerings, visit their website at lili.co.

In a digital-first world where speed and efficiency are paramount, Lili's innovation could be the key to unlocking the potential of eCommerce entrepreneurs across the country.