Led · Seed · Feb 2021

Level is a Seattle-based startup that provides revenue-based cash advances of up to $10,000 to gig-economy workers, repaid via 5%–15% of the borrower’s future marketplace earnings over roughly four months. Its typical advance is about $2,000, an amount the team says is too large for most consumer credit cards yet impactful for small, equipment-heavy freelancers on platforms such as Dolly, Porch, and SmartHop. Level differentiates itself by refunding 50% of its fee when a borrower repays within six weeks and by progressively lowering its standard fee from 10% to 7% as it scales. The company positions the credit product as the entry point to a broader suite of offerings, with insurance products slated for limited release in Q2 and wider rollout in Q3. Level views trust and low capital costs as levers to cross-sell future financial services tailored to non-traditional workers. An Employment Technology Fund–backed credit facility supports the advances, enabling the startup to fund growing demand. By creating a financing model that treats freelancers like micro-businesses, Level aims to become the financial operating system for independent workers.