Found vs. Lili: Which Offers Better Banking for Small Business?

Managing your small business shouldn't mean drowning in financial admin. Between tracking expenses, handling taxes, paying contractors, and keeping your books straight, you need banking that works with you, not against you.

Found and Lili both offer mobile-first business banking designed for freelancers and small teams. While they share some similarities, the differences in features, costs, and support can make or break your business operations.

We'll compare Found vs. Lili across banking, taxes, invoicing, and bookkeeping to help you find the right fit for your business needs.

The bottom line: While both Found and Lili offer free plans with business banking features, Found's core plan also includes additional automated bookkeeping, invoicing, and tax tools at no extra cost, while Lili charges $15-$ 55 monthly for comparable features. Found delivers better value for most small businesses, though Lili has advantages for managing multiple businesses and earning higher interest on savings.

Found vs. Lili: Feature Comparison

Data compiled June 2025 and subject to change. Features, pricing, and availability may vary. Always confirm current details with providers directly.

*Found's core features are free. Advanced, optional add-on bookkeeping software available for $19.99/month or $149.99/ year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here.

**The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. 

***Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

****1.5% APY on balances up to $20K for Found Plus subscribers

Feature-Focused "Best For" Analysis

Here's how Found and Lili stack up across the features that matter most to your business.

Best for All-in-One Business Banking: Found

Found's core plan offers a comprehensive business bank account for $0/year with no hidden fees or required monthly maintenance costs. While Found and Lili's free bank accounts are relatively comparable, Found's free plan provides more comprehensive tools—such as bookkeeping, tax tools, invoicing, and contractor management tools—without any required monthly fees, making it the more cost-effective choice for businesses seeking full-service banking capabilities.

Best for High-Yield Savings: Lili

Lili offers 3.00% APY on savings for all their paid plans and automatic daily savings transfers. This provides higher earning potential compared to Found Plus's 1.5% APY on balances up to $20K. While Found offers Pockets, which can be used for savings, Found doesn't offer dedicated savings accounts.

Best for Overdraft Protection: Lili

Lili's BalanceUp feature provides $200 in fee-free overdrafts on all of Lili’s paid plans, offering a financial cushion for cash flow gaps. Eligible users get automatic coverage when they need it most. Found doesn't allow overdrafts; transactions decline instead.

While overdraft protection can be helpful for occasional emergencies, frequent overdrafts often signal deeper cash flow issues. If you're regularly relying on overdraft coverage, consider addressing the root cause with better cash flow forecasting, automatic tax savings, or expense tracking tools to keep your business finances on solid ground.

Best for Integrated Bookkeeping: Found

Found automatically categorizes your expenses, provides receipt capture, and generates profit and loss statements and financial reports on its free core plan. Found Plus provides additional bookkeeping features, such as activity import from other cards or accounts, the ability to auto-import an expense from receipt, and unlimited custom rules, categories, and tags. In contrast, Lili’s Basic plan offers no built-in bookkeeping tools whatsoever; you’ll have to purchase one of Lili’s paid plans, which provide a varying range of bookkeeping features. 

Best for Tax Automation: Found

Found handles real-time tax estimations and automatically generates Schedule C, 1120, and 1120-S forms (depending on your business structure), with automatic tax savings and quarterly estimate generation at no cost. Found also provides a real-time tax estimate based on your provide tax profile and allows you set up a tax savings Pocket. In contrast, Lili requires their higher-tier paid plans to access pre-filled tax forms including Schedule C, 1065, and 1120-S, while their Basic and Pro plans offer no tax preparation features. This means you'll need to upgrade to Lili's most expensive plans for some of the same tax automation that Found provides completely free.

Found Plus subscribers who file a Schedule C can pay federal taxes through the app.*

Best for Free Invoicing: Found

Found offers unlimited professional invoices with custom branding, multiple payment options, and automated payment tracking and reminders. Everything you need to get paid faster comes included. While Lili also offers built-in invoicing tools, they’re only available under their Smart and Premium plans, which start at $35/month.

Best for Managing 1099 Contractors: Found

Found offers a complete contractor management solution with free W-9 collection, payment processing via multiple methods, and automatic 1099-NEC generation and filing for contractors. Lili doesn't provide contractor payroll services or 1099 management tools—their platform focuses on solo business owners rather than businesses that hire contractors. If you regularly work with independent contractors, Found's integrated approach eliminates the need for separate contractor management tools or services.

Best for Multiple Business Management: Lili

Lili lets you manage up to four separate businesses with a single login, providing separate accounts and reporting for each business plus a cross-business financial overview. This makes it easier to track performance across different ventures. Found is limited to single business operations.

Best for Freelancers and Sole Proprietors: Found

Found offers a comprehensive suite of financial tools designed specifically for self-employed professionals, including automatic expense categorization, real-time tax calculations, unlimited invoicing, contractor management, and built-in bookkeeping on their core plan at no cost. The platform integrates with popular gig economy platforms, making it easy to track income from multiple sources and stay organized for tax season. Lili's Basic plan provides only fundamental banking services like a business debit card and ATM access, with no bookkeeping, tax planning, invoicing, or expense management features included.

Best for Small Business Startups: Found

Found provides everything new businesses need without required monthly fees*, helping preserve precious startup cash flow. You get a complete business banking solution from day one with built-in compliance tools, automatic tax management, unlimited invoicing, and contractor payments—all free. This comprehensive approach eliminates the need for multiple software subscriptions that can quickly drain startup budgets. Found's feature offering on their core plan means you can operate longer before upgrading, while Lili requires earlier upgrades to paid plans for essential business tools—a significant consideration when every dollar counts in the early stages.

Which Platform Is Best for Small Business?

The right choice depends on your specific business needs and priorities. Here's how to decide between Found and Lili based on what matters most to your operations.

Choose Found if you:

• Want a complete business banking solution with no required monthly fees*

• Work with contractors and need built-in 1099 payments and filings

• Want automated tax tracking and quarterly tax estimates

• Need free, unlimited invoicing with payment tracking and reminders

• Prefer built-in bookkeeping with auto-categorization and P&L reports

• Run a freelance or sole proprietor business with gig economy integrations

• Are cost-conscious and want a full suite of tools with no required monthly fee*

• Are launching a startup and want to minimize costs without sacrificing features

Choose Lili if you:

• Manage multiple businesses under one login and need separate reporting

• Prioritize high-yield savings for larger balances

• Need overdraft protection to managing cash flow

Bottom line: Found includes all the must-have business banking tools for free—making it the smarter, more cost-effective option for most solo entrepreneurs, freelancers, and small business owners.

Ready to Make the Switch?

Found makes it simple to get comprehensive business banking without any required monthly fees*. With automatic bookkeeping, real-time tax calculations, unlimited invoicing, and contractor management all included free, you can focus on growing your business instead of managing multiple software subscriptions. Join thousands of entrepreneurs who've already made Found their all-in-one financial solution and start streamlining your business finances today.

Banking with built-in bookkeeping

Found combines banking, bookkeeping, and invoicing into one easy-to-use platform.

Get started

The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. 

FAQs

Is Found really free?

Yes, Found’s core plan is free. Found offers business banking, tax tools, invoicing, bookkeeping, and 1099 contractor management with no required monthly fees. Found also offers an optional paid product, Found Plus, for $19.99/month or $149.99/year.

Can I switch from Lili to Found easily?

Definitely. You can open a Found account online in as little as five minutes. Found's mobile and web platforms make the transition seamless. You can immediately start using Found's complete suite of business tools—including built-in bookkeeping, tax savings, and invoicing—without needing to upgrade to a paid plan. 

How does Found help with taxes?

Found helps simplify tax time by tracking your income and expenses, calculating quarterly estimates, and setting aside tax money in a dedicated Pocket so you're never scrambling at tax time. You'll get pre-filled tax forms, such as Schedule C, 1120, and 1120-S depending on your business structure.

Does Found support 1099 contractor payments?

Yes—and it’s built right into Found's free plan. There are no per-contractor fees or limits. You can collect W-9 forms, pay contractors via multiple methods (ACH, instant transfers), and automatically generate and file 1099-NEC forms for contractors without needing a separate contractor payroll tool.

Is Lili better for earning interest?

Lili offers 3% APY on their paid plans on balances up to $100K, while Found offers 1.5% APY on checking balances up to $20K on their paid plan*. If maximizing interest on large cash reserves is your priority, Lili's higher rates might justify the monthly fees, but for comprehensive business banking features, Found delivers better overall value.

Disclaimer: The information on this website is not intended to provide, and should not be relied on, for tax advice. Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. 

Data compiled June 2025 and subject to change. Features, pricing, and availability may vary. Always confirm current details with providers directly.

*Found's core features are free. They also offer a paid product, Found Plus for $19.99/ month or $149.99/ year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here.