Why We Built Level
The nature of work in the United States has shifted significantly in the past decade, but our banks have not. Deeply rooted in the concept of a “salaried worker”, their financial products and services have not kept pace with the needs of the large and rapidly growing group of self-employed workers in our economy.
As a result, hard-working people who juggle multiple jobs — and especially those who deliver services through labor marketplaces — lack access to affordable financial services built around how they live and work. They typically pay to save and often do not earn interest. They have very few options to access credit once they have reached the limit on their credit cards.
We built Level to fundamentally change this dynamic.
When saving for quarterly tax payments, a small investment in their business or a family vacation, people should earn a competitive interest rate and never pay a monthly fee.
When seeking credit to build their business, as an increasing number of people are doing through labor marketplaces today, they should have the flexibility to repay their loan according to the pace of their earning and at a fair and affordable rate.
Today, we provide goal savings designed around how self-employed people live and work. Over the next several months, we will empower workers with a unique form of flexible credit at a cost well below typical credit card interest rates. And we are just getting started.
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