A multi-level voltage converter having a first switching circuit including a flying capacitor coupled in parallel with first switches coupled in series, the first switches configured to be driven by a first duty command having a first duty cycle; a second switching circuit including the flying and second switches coupled in series between input voltage terminals of an input voltage, the second switches configured to be driven by a second duty command having a second duty cycle; and a control circuit configured to balance a voltage of the flying capacitor by controlling an interleaved constant frequency modulator to generate the first and second duty cycle commands such that the first and second duty cycles are the same.