Lance
Lance Technical Briefing
Published March 29, 2022
Supported by Modern Treasury , IowaEDA and Brale
Overview
Lance is a banking app for the 68M independent workers in the US — sole entrepreneurs ranging from Instacart/Uber/Lyft drivers to lawyers, teachers, and NFT creators. Built on Unit for banking-as-a-service and Abound for tax intelligence, Lance tackles the three hardest parts of freelance finance: setting aside taxes, opting into benefits, and building a cash-flow footprint. Onboarding collects standard KYC/KYB plus filer type, state of residence, and a ballpark annual-income estimate — then recommends an allocation across "stacks" (salary, taxes, main expenses, goals). Stacks are Unit-powered sub-accounts delivered to the freelancer from day one instead of year five. Abound dynamically withholds the right tax from each deposit. On the first payment from a new client or marketplace, Lance prompts the user to classify it as 1099, W-2, or personal, so every subsequent payment from that source is taxed (or not) correctly. Virtual and physical cards drop into Apple Wallet, invoices go out in a few taps, and the home screen shows month-over-month income vs. expenses vs. taxes — plus an Abound-generated Schedule C. Crypto investing and a debt-payoff stack are on the near-term roadmap.
0:00 Introduction to Lance — banking for independents
Lance powers financial independence for the 68M solo entrepreneurs in the US — from Instacart/Uber/Lyft drivers to lawyers, teachers, and NFT creators. Built on Unit for banking infrastructure and Abound for tax intelligence.
1:00 The freelancer problem — taxes, benefits, cash flow
Freelancers struggle with the jobs traditionally handled by a corporate back-office: setting aside taxes, opting into benefits, and tracking a coherent financial footprint. Lance is a banking account that actively partners with the user on all three.
2:30 Onboarding — KYC/KYB + income estimate
Lance runs standard KYC/KYB plus tax-specific questions (filer type, state of residence). It also asks for a ballpark annual income estimate — so Lance can compute the user's tax liability and recommend an allocation across savings, main expenses, and goals.
3:30 Stacks — salary, taxes, expenses, goals
The main screen shows the total balance and its distribution across "stacks" — sub-accounts for salary, taxes, main expenses, and custom goals. Stacks are powered by Unit's banking-as-a-service sub-account primitives, which Lance delivers from day one instead of year five.
4:30 Automated salary and tax withholding
The salary stack supports an automated every-other-week payout; the tax stack (Abound-powered) dynamically sets aside the right amount of every deposit based on its source. Users can also add manual tax-deductible expenses from other cards.
5:30 Main account, search, and transaction notes
The main account holds the spendable business-expense balance — shifting freelancers from reactive bill-paying to knowing exactly how much they can spend while still hitting automated allocations. Transactions are searchable, categorized, and can be marked reimbursed with receipts.
6:30 1099 vs. W-2 classification per client
On the first payment from a new client or marketplace, Lance prompts the user to tag the source as 1099, W-2, or personal. From then on, every deposit from that source is automatically taxed or not — critical as the workforce mixes contract, seasonal, and freelance income.
7:30 Fund, invoice, and move between stacks
The action screen lets users fund from direct deposit or a payment platform, send a simple invoice, and dynamically re-allocate funds across stacks. Virtual and physical cards drop straight into Apple Wallet with one tap.
8:30 Business insights and Abound Schedule C
Lance shows month-over-month income vs. expenses vs. withheld taxes, and a richer tax menu (Abound-generated Schedule C reports, allocation settings, tutorial videos, chat support). Crypto investing and a debt-payoff stack are on the near-term roadmap.
Presented by Oona Rokyta — Lance · LinkedIn · website
Topics: Freelance Finance, Banking-as-a-Service
