Lili vs Karat
short answerBoth are traditional neobanks. Lili pays yield on balances. Compare custody, license, FX markup and fees field by field below.
Lili: Freelancer banking with tax buckets.
Karat: Financial services built for creators.
Side by side
| Lili | Karat | |
|---|---|---|
| Category | traditional | traditional |
| Audience | freelancers & creators | freelancers & creators |
| HQ | New York, US | Los Angeles, US |
| Founded | 2018 | 2019 |
| Custody | Custodial | Custodial |
| Regulation | Partner-bank model | Partner-bank model |
| License detail | Partner bank (Sunrise Banks, N.A.); wires via Column Bank; formerly Choice Financial | Partner bank (Grasshopper Bank, N.A.); Karat Visa credit card issued by Cross River Bank |
| Card | Visa · Business debit | Visa · Business card |
| Cashback | — | Creator perks |
| Yield | ~Savings APY (plan) | — |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | North America | North America |
| Reported users | — | — |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.