Total amount raised
$63.8 Millions
Latest funding date
9/1/2019
Location
Digit has successfully raised funds through multiple rounds, culminating in its acquisition by Oportun for $212.9 million. The platform, known for its intelligent savings tool, helps users save money automatically by analyzing their income and spending habits.
Keep reading to explore the intricacies of Digit's fundraising journey and the investors backing this innovative platform.
What Is Digit?
Digit, founded in 2013 by Ethan Bloch, is a finance app based in San Francisco, California. The platform leverages machine learning and behavioral psychology to help users save money automatically by analyzing their spending habits.
With a team of 51-100 employees, Digit aims to reduce financial stress by automating the day-to-day management of personal finances. The app saves small amounts of money daily, making it easier for users to achieve their financial goals.
Digit's innovative approach has garnered significant attention, leading to its acquisition by Oportun. The company continues to focus on simplifying savings and improving financial well-being for its users.
How Much Funding Has Digit Raised?
- Seed Round
- Amount Raised: $2.5M
- Date: December 2014
- Lead Investors: Baseline Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the app and bring it to market.
- Series A
- Amount Raised: $11.3M
- Date: June 2015
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand user acquisition efforts.
- Series B
- Amount Raised: $22.5M
- Date: June 2016
- Lead Investors: Ribbit Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the app's features and improve user experience.
- Series C
- Amount Raised: $27.5M
- Date: September 2019
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding operations and business reach.
Total Amount Raised: $63.8M. Current Valuation: Not publicly disclosed.
Key Investors
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth companies. They have a strong track record of supporting innovative startups.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Airbnb, Stripe, Snap Inc.
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm specializing in financial technology. They aim to support companies that are transforming financial services.
- Investment Focus Areas: Fintech, financial services innovation.
- Notable Investments: Robinhood, Coinbase, Credit Karma.
- Google Ventures (GV)
- Details: Google Ventures, also known as GV, is the venture capital arm of Alphabet Inc. They invest in a wide range of industries.
- Investment Focus Areas: Technology, life sciences, consumer products.
- Notable Investments: Uber, Slack, Nest.
- Freestyle Ventures
- Details: Freestyle Ventures is a venture capital firm that focuses on early-stage technology startups. They provide both capital and strategic support.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Patreon, Intercom, BetterUp.
- Citi Ventures
- Details: Citi Ventures is the venture capital arm of Citigroup. They invest in companies that are innovating in financial services and related sectors.
- Investment Focus Areas: Financial services, data analytics, enterprise technology.
- Notable Investments: Plaid, Square, Betterment.
What's Next for Digit?
Digit's future looks promising with significant opportunities for growth. The company plans to expand its operations and enhance its financial health services, leveraging the increasing demand for automated financial management tools. With the recent $27.5 million Series C funding, Digit is well-positioned to introduce new features and reach new markets.
Future fundraising opportunities are likely, given the strong investor confidence. Potential Series D rounds and strategic partnerships could further fuel Digit's expansion. However, challenges such as competition from other fintech companies and regulatory hurdles may arise. Maintaining user trust and data security will be crucial as Digit scales its operations.
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