Seattle startup Level raised $1.5 million to fuel growth of its credit service targeted at independent contractors.
The company partners with marketplace platforms such as Dolly, Porch, and Keepe, which use Level to offer workers flexible credit options that are only paid back when they earn. It allows contractors a chance to purchase assets and access capital to grow their “microbusinesses.” Level customers use the service to buy a truck and use it for work with Dolly, a moving app.
Level differs from traditional credit providers by charging a single flat fee on an advance and using work history as an application for credit. The total repayment amount is also fixed upfront.
Level is led by CEO and co-founder David Edelstein. He previously was director of the Grameen Technology Center, and spent time at Caribou Digital, Microsoft, and McKinsey.
NextView Ventures, Untapped Capital, Techstars, Acumen, Ascend.vc, and a group of angel investors participated in the seed round.
Read more about Level with this recent Startup Spotlight profile.