Lance, A Self-Driving Bank Account For The Self-Employed, Closes On $2.8M Round

Lance, a smart business banking account for the self-employed, has closed on a $2.8-million seed round and launched a business account for freelancers as well as side hustlers.

What Happened: Built by a team of ex-freelancers, Lance is a bank account that automatically identifies deductibles and manages tax withholdings, puts aside savings and pays monthly salaries in accordance with a freelancer’s sometimes volatile income.

In a round with participation by Barclays, BDMI, Great Oaks Capital, Imagination Capital, Techstars and DFJ Frontier, along with other fintech and creative industry angel investors, Lance raised $8 million to further product development and marketing.

Why It Matters: The pandemic accelerated changing employment trends.

More and more are individuals becoming self-employed or diversifying their income through so-called side hustles.

Lance is the bank that, through an active approach, saves freelancers nearly 100 hours per year and $7,500 in fees and deductibles.

“It’s time to recreate banking solutions that are mindful of different people’s financial goals,” said Oona Rokyta, CEO and co-founder of Lance. “Lance’s approach brings banking and accounting together in one business account because that’s what solopreneurs need today. They’re already juggling multiple income streams and evolving passion projects. What they need is a financial partner that works alongside their growing ambitions."

Photo by Andrea Piacquadio from Pexels.