Level Financial Technology provides a salary-linked financial tool that enables employees to access their earned wages on-demand, facilitating better cash flow management and reducing reliance on short-term debt. The platform also includes payroll savings features that help users save directly from their paychecks, resulting in an average increase of £100 in monthly savings.
Funding
$6.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees struggle with cash flow management, leading to reliance on expensive short-term debt to cover unexpected expenses or bridge the gap between paychecks. Traditional payroll systems offer limited flexibility, leaving employees with little control over when they receive their earned wages.
Solution
Level Financial Technology provides a platform that enables employees to access their earned wages on-demand, improving financial wellbeing by aligning income with spending. The platform integrates with existing payroll systems, allowing workers to instantly access a portion of their accrued pay for a small flat fee, significantly cheaper than short-term credit options. In addition to on-demand pay, Level offers payroll savings features that facilitate automatic savings directly from each paycheck into a high-interest account, helping users build a savings habit and increase their monthly savings. An integrated AI personal finance coach provides 24/7 access to official government advice, further supporting employees' financial literacy and decision-making.
Target Audience
Level's primary target audience includes employers looking to attract, motivate, and support staff by offering enhanced financial wellbeing benefits, as well as employees seeking greater control over their earnings and improved savings habits.
Features
- On-demand access to earned wages, providing employees with greater control over their finances
- Integration with existing payroll systems, minimizing disruption for employers
- Payroll savings feature enabling automated savings contributions from each paycheck
- High-interest savings accounts to maximize returns on employee savings
- AI-powered personal finance coach providing 24/7 access to financial guidance
- Simple flat fee per transaction, significantly cheaper than short-term credit
- Reporting dashboards for employers to track employee financial wellbeing metrics