Level launches money meter app; raises $5m

Level launches money meter app; raises $5m

With $5 million in funding in the bag, US start-up Level has launched a money meter iOS app aimed at millennials bidding to keep track of their finances.

The Level Money app is designed to give users a snapshot of their spendable income for that day, week and month.

At sign-up users are asked to link their bank accounts and credit cards to the app, which calculates their income, recurring bills and savings for each month.

Then, ignoring the in-depth budgeting and categorisation features of most money management tools, it simply displays three bubbles showing daily, weekly and monthly 'spendable' budgets, updating automatically as money is spent.

Jake Fuentes, CEO and co-founder, Level, says: "We need a totally new approach to finance that's mobile-first, radically simple, and completely effortless. Budgeting is dead, and that's why we've taken the 'quantified self' approach".

The $5 million funding round was led by Kleiner Perkins Caufield & Byers and joined by former Citi CEO Sandy Weill, former FCC Chairman Reed Hundt and former Barclays Global Investors CEO Blake Grossman.

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