Sanford I. Weill, a silver-haired titan of Wall Street, sees a future for finance in Silicon Valley.
The New York Times reports that Weill, a former chief of Citigroup who built the bank into a behemoth through a series of deals, has invested in Level, a start-up in San Francisco that aims to make it easier for young people to manage their finances, the company announced on Thursday.
Weill’s investment is part of a $5m financing round that was led by the venture capital firm Kleiner Perkins Caufield & Byers. Investors in the round include Blake R. Grossman, former chief executive of Barclays Global Investors, and Reed E. Hundt, former chairman of the Federal Communications Commission, the company said.
For Weill, a symbol of the Wall Street establishment, the investment represents a significant new direction. Level’s co-founder and chief executive, Jake Fuentes, said Weill viewed the start-up as part of a “next generation” of financial companies, catering to younger customers who can feel alienated by traditional banks.
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image: © David Shankbone