According to The Information, Employer.com has offered to acquire Level, a fintech startup that abruptly shut down last week after failing to find a buyer.
But Revel is still mulling over the proposal, Matt Charney, the company's Employer.com CMO, told TechCrunch. “It's a legal thing,” he said. UPDATE: Sources close to the deal say other details beyond the legal are currently being worked out.
Founded in 2018 by early Square employee Paul Aaron, Level is known to have raised $30.8 million in funding from prominent investors such as Lightspeed Venture Partners and Khosla Ventures. In April 2021, the startup announced a $27 million Series A. Last week, the company offered dental and vision benefits products to businesses that were told they needed to find other providers.
This is Employer.com's second takeover bid for a bankrupt startup in just over a week. On December 30th, TechCrunch broke the news that accounting startup Bench, which abruptly shut down days earlier and locked thousands of customers out of their accounts, will be acquired by Employer.com for an undisclosed price in a last-minute deal. Ta. As of last week, they were still finalizing the details.
Bench has reportedly struggled in recent years, in part because of its push to deploy AI and other automation tools, according to some staffers. It is unclear what exactly caused Revell's death.
TechCrunch reporter Charles Rollet contributed to this article.
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