Seattle’s Level has raised $1.5 million

Seattle based Level Technology has just raised a $1.5 million in a round led by NextView and Untapped, with participation from TechStars, Acumen, and Ascend.vc.

Level offers a credit solution that can be used to purchase things such as tools and equipment and is designed for gig workers. The company’s products help individuals gain access to credit from conventional sources, such as using their standard income to work back any advance. Clients are loaned a set amount, then pay back a portion of their future earnings until the debt is resolved. Users can expect up to $10,000 in working capital yet the company states that $2,000 is their “sweet spot.”

In Q2, the company intends on using this recent round of funding to provide services such as insurance products to gig workers. By Q3, Level hopes that this insurance service will fully be developed.

For Level, they aspire to assist smaller companies in their respective industries. “Level delivers embedded financial services to independent contractors, who are increasingly building micro businesses on the rails of our partners: labor marketplaces and on-demand platforms.” Level CEO, David Edelstein said. “Our first product, the Level Advance, delivers flexible and transparent credit, giving people the opportunity to invest in productive assets, access working capital, and grow their micro-businesses. As we deepen our partnerships, we will extend a range of financial services designed around specific needs of this large and rapidly growing customer segment.”