Level Is a Money Meter App, Launching With $5M From Kleiner Perkins - Liz Gannes
Rohit Khare stashed this in Startups
Fuentes likes to compare Level to “quantified self” health tracking. It’s a bit like MyFitnessPal for money. The obvious tech-startup predecessor is Mint.com, but that is more oriented around budgeting. Plus, even after six years on the market and being bought by Intuit, it has 12 million registered users.
It took Level nine people to build this?!
Level Money seems almost too simple. The app has just a few screens, with bubbles of data imported by a partner. It doesn’t help users do anything about their money, like transfer it into savings or investments. And it’s not yet available for Android.
But its selling point is the simplicity of the interface, according to Level co-founder and CEO Jake Fuentes. People already know what they want to spend money on. The question is, can they afford it? Fuentes said that the math for calculating recurring transactions is non-trivial, too.
I don't believe people want this app. I think they're chasing a market that does not exist.