As noted through the latest announcements, Level, FinTech startup has raised around $27 million through Series A funding led by the LightSpeed Venture Partners and Khosla Ventures. The primary objective of Level is to offer companies greater flexibility in providing employee perks as per nycbased level 27m azevedotechcrunch.
The Level is a technology-based firm building financial products for employers. Everyone can attain benefits with Level. Here the employers offer massive benefits for less; members gain better choices and freedom where the providers are instantly paid. The Level will make paying with these perks as easy as paying with fiat money.
The leading angels and the Operator Collective even participated in the financing along with the past backer’s Homebrew and First Round Capital. The round was notably reported at hauling approx. Nine valuation figures; however, the firm did not present any other specifics.
Level, a New York City-based company founded in 2018, mentions that it is rebuilding its insurance from the Level up through flexible networks and claims in real-time with aid to aid the employees and employers gain the most of their advantages in dollars.
The funds will mainly be used to expedite their insurance expansions with continued efforts to build smarter beneficial products for the employers and their teams. Level aims to build end-to-end tools and develop its full-stack platform ranging from automated underwriting to beneficial real-time analytics as per nycbased level 27m azevedotechcrunch.
The latest insurance as a product can help firms pay a fixed amount every month to earn money back for the unused advantages. Alternatively, smaller businesses can gain greater cost predictability that can assist them in the better management of their budgets.
The company mentions that they are rebuilding the insurance from scratch to help employers and employees gain different benefits from the money invested. Using the platform will help employers tailor the perks they are offering their employees, along with processing the claims in just four hours at times when it would take months.
CEO of Level Paul Aaron mentioned that the global healthcare emergency made it essential for businesses to emphasize the employees’ well-being even amidst the pandemic. COVID-19 has taught individuals to depend more on their employers for their wellness and health, mainly during crises.
The perks are not the only way to attract major talents, as they are even impacting the financial well-being of people. Irrespective of the bigger dollars businesses impose on the benefits. Aaron noted that several individuals are still paying out of their pockets as per level 27m seriesann azevedotechcrunch.
Level even plans to launch a new insurance product to aid smaller businesses in offering massive benefits that generally only enterprises can offer. The firm aims to aid employers in getting money back for unused perks after paying a fixed amount every month. Generally, the main goal is to offer a complete suite of products, allowing firms of every size to offer greater perks to their teams.
Samil Kaul of Khosla even stated that Level could implement the same perks and insurance as Square Cash for person-to-person payments. Their team arrives straight out of building identical products of transformation.
Commenting on an identical sentiment, Lightspeed Venture Partners, Jana Messerschmidt stated that the employers had spent a lot of money on the benefits, and neither they nor their teams would gain much from it. Level offers a superior range of employee experience as you would get a bigger bang for your buck.
Although the company is launched as an employer-sponsored dental benefits company, it also offers vision plans. The firm has around 10000 members from companies like KeepTruckin, Udemy, Intercom, and Thistle that have paid towards care through their platforms.
Surely, a host of firms have already attained a lot of benefits by leveraging the services of the companies. The investor First Round Capital has eventually saved around 47% by transitioning from a completely uninsured to Level, and Thistle has also witnessed around 41% of their savings by transitioning to Level.
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