Why we invested in Lance — the future of banking for Freelancers
Get a bank account that pays your taxes, automates your savings, and sends you a paycheck.
We generally don't invest in “fintech” but as this is more consumer/SMB focused which we better understand, can help with and we loved the idea.
Where did we find Lance?
Through the Techstars Barclays Accelerator — specifically through their newsletter. I asked for an intro proactively and we invested a few weeks later.
The team
Once you meet Oona (Co-founder/CEO) a lot of this will make sense. During our first chat, it was very refreshing to actually get answers to questions about her personal experience, all the actual freelancers she spoke with prior to launch, and our personal favorite, her extensive background in the PR industry. With our decade's background in PR we really just fell in like on so many topics.
You can also check out the rest of the very well rounded founding team as well that is remotely based in Israel.
CTO Oren Reuveni— https://www.linkedin.com/in/orenreu
CPO Tom Reuveni — https://www.linkedin.com/in/tom-reuveni-82b3355b/
BD Gilad Uziely — https://www.linkedin.com/in/giladuziely/
The freelancing/side hustle market is only growing — expanding TAM
Web designer, artist, consultant, software developer or dog groomer? So many more professionals are now branching out on their own.
The Problem/Solution
As a freelancer or SMB owner, you don't want to worry or stress about your finances and taxes. It’s also a safe assumption that most aren’t CPAs with an advanced understanding of capital allocation beyond their specific business expertise. Now just connect all your info and let Lance do the rest.
- Transfer your salary — You decide how much you make! Pay yourself to your personal bank account on a bi-weekly (or monthly) basis.
- Pay your taxes — Lance will automatically calculate, budget, and pay your quarterly taxes. (Yes, you just read that right.)
- Budget your savings — Decide what you’re saving for, and how much. Lance will allocate the money every month to easily configurable sub-accounts.
- Never miss a deduction - Whether you’re booking a flight, buying a phone, or taking a client to lunch, Lance will earmark it all for a deduction.
Most people (myself included) and companies usually wait until the last minute to file taxes etc and it causes so much stress… Now you can have everything prepared, itemized and ready to go come April.
$2.8M Seed round announcement
The round was announced in May and they recently just came out of private Beta so I recommend you go try it out right now! We’re excited to invest alongside some very strategic capital with Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars and Frontier Venture Capital
Sign up, focus on your business and don't worry about the finances anymore.
