Level Raises $5M in Series A Funding

Level, a San Francisco, CA-based mobile financial services company, raised $5m in the initial closing of a Series A funding.

The round was led by Kleiner Perkins Caufield & Byers (KCPB), with participation from former Citigroup Chairman and CEO Sandy Weill, former FCC Chairman Reed Hundt and former Barclays Global Investors CEO Blake Grossman. In conjunction with the funding, Hundt and KPCB partner Chi-Hua Chien joined Level’s Board of Directors. Megan Quinn (KPCB) joined as a Board Observer.

Led by CEO and Co-founder Jake Fuentes, Chairman and Co-founder Frank Yeary, VP of Engineering Dave Fayram, and VP of Design Robert Suarez, Level Money, Level has just launched (in the Apple App Store) Level Money, an app that provides an instant, live snapshot of a user’s spendable income for that day, week, and month. It performs an automatic analysis to calculate a user’s total income, recurring bills and recommended savings each month and then tracks a simple “spendable” balance, broken down by day, week and month. Every time users complete a transaction – a coffee, groceries, etc., the app automatically updates their remaining cash available for that day.

The company is hiring.

FinSMEs

10/10/2013

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