Mobile-first financial services company Level had a lot to celebrate Friday: the launch of its debut product and the closing of a $5 million funding round that included former Citigroup (NYSE: C) chairman and chief executive Sandy Weill.

The company's first product is an iPhone app that aims to take the hassle out of budgeting for young people, according to Level's Friday press release. The Level Money app, now available in the Apple Store, automatically analyzes users' finances to calculate income, recurring expenses and recommended savings each month. It then calculates how much money users have to spend on a daily, weekly, and monthly basis. Every time users make a purchase, the app gauges how much cash they have left to spend that day.

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