Fintech Startup Level Abruptly Shuts Down

Benefits startup Level has told its clients that it is shutting down after an effort to sell the company fell through, marking another abrupt closure of a fintech that has left users in the lurch.

Level, which was founded in 2018 and raised a $27 million Series A round in 2021 led by Khosla Ventures and Lightspeed Venture Partners, told the companies offering its benefits plans that they would need to communicate the news to their own employees and that Level would provide them with a list of referrals to other benefits providers.