Sandy Weill, the former CEO of Citigroup, financial leader and symbol on Wall Street, is now turning to high tech Silicon Valley to invest in a new company to help young people manage their money. Level announced Friday, Oct. 11 that it has launched its debut app product with the financial strength from investors, which included Weill.
The company announced the initial closing of a $5 million Series A funding round by Kleiner Perkkins Caufield & Byers which made news due to Sandy Weill’s investment into this fund on Thursday by the N.Y.Times.
Level, a San Francisco based firm, has built an iOS app on the premise that young people can build their self-discipline and financial future with the help of app technology.
The app according to Level chief executive and co-founder Jake Fuentes, said in a press release, “Our generation doesn’t think about money the way our parents do. We need a totally new approach to finance that’s mobile-first, radically simple, and completely effortless. Budgeting is dead, and that’s why we’ve taken the ‘quantified self’ approach; instead of applying the technology to personal fitness, we’re applying it to personal finance.”
Jake Fuentes states that the app is targeted toward “millenials”.
Prior to Level’s app, there was a spreadsheet called “Mint”. Level has linked a partnership with Mint through its owner Intuit, reports Tech Crunch. Level prompts the user to connect their bank and credit cards along with their recurring bill payments. Then the app can guide the millenial user to determine how much is available for discretionary spending.
It is a smart, first step in money management for this generation. It will lead users to be conscious of their financial habits. Once they master the basics and build upon their savings and discretionary funds, the new face in financial management will be prepared to move on to the large asset purchases for their life and future. The home purchases, college funds and retirement funds will follow in their financial training to plan.
Money management and financial planning never go out of trend. Sandy Weill certainly sees the future trend for financial management and remains a leader on Wall Street and now Silicon Valley.