San Francisco-based mobile financial solutions provider Level said it was able to close the initial round of its Series A funding with USD 5 million in capital commitments. The round was led by Kleiner Perkins Caufield & Byers (KPCB). Former Citigroup Chairman and CEO Sandy Weill, former FCC Chairman Reed Hundt and former Barclays Global Investors CEO Blake Grossman also participated in the round.

As part of the agreement, Reed Hundt and Chi-Hua Chien, a KPCB Partner, joined Level's Board of Directors. Megan Quinn, also of KPCB, also joined Level as Board Observer.

Level's first product is Level Money. It is a free application that would allow clients to turn their iPhone into a real-time money meter. Available in the Apple App Store, Level Money provides users with a live snapshot of their spendable income for a particular day, week or month, and eliminates the need for spreadsheets or budgets.

Level CEO and Co-Founder Jake Fuentes said, "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."