Business Summary: Level empowers freelancers, gig-workers and independent contractors to save towards goals and access a personal line of credit. Delivered in partnership with labor marketplace companies, including Rover and Dolly, Level simultaneously addresses financial challenges faced by workers and helps companies attract and retain their independent workforce. Opportunity: The nature of work in America is shifting rapidly. Today, nearly four in ten working adults rely on self-employment for some part of their income, a number which is expected to surpass 50% of working adults by 2027. There are few companies which provide financial services tailored to their needs, and Level will be at the forefront of this large and growing segment. Solution: Level provides goal savings and credit powered by our proprietary Level Score. Drawing on savings behavior and other non-traditional measures, we can confidently offer credit and other services on more favorable terms than industry standards. Partnerships with labor marketplace companies enable rapid scaling with a low cost of customer acquisition. Target Market: Self-employed workers who demonstrate sound financial decisions (e.g., disciplined savings behavior) but experience a mismatch between income and expenses. Traditional financial services lag behind our rapidly shifting labor market, often forcing these workers to rely on expensive credit options to address cash flow volatility. Competitive Advantage: Extensive, first-hand knowledge of innovations in the design and delivery of financial services in developing countries, where inconsistent income is the norm. Deep understanding of the mechanics of these services and what it has taken for them to succeed at scale (and well documented parallels between consumers in these countries and the US). These experiences and knowledge are the core inputs to the Level Score. Traction: We have partnered with Rover, Dolly and Keepe to provide services to their more than 100,000 independent contractors beginning in June -- and we have a strong pipeline of additional labor marketplace companies.
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