Total amount raised
$63.8 Million
Latest funding date
9/1/2019
Location
Digit has successfully raised funding over 5 rounds, with the latest being a Series C round. The platform, now branded as "Set & Save™" under Oportun, helps users reach their savings goals by automatically saving money based on 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, a finance app based in San Francisco, California, analyzes spending habits to automatically save money for its users. The company operates in various sectors, including finance, financial services, analytics, apps, internet, machine learning, and payments.
Founded by an undisclosed team, Digit has grown to employ between 51-100 people. The platform, now part of Oportun, has raised funding over five rounds, with the latest being a Series C round.
How Much Funding Has Digit Raised?
- Seed Round
- Amount Raised: USD 2,500,000
- Date: December 2014
- Lead Investors: Baseline Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market need for automated savings.
- Series A
- Amount Raised: USD 11,300,000
- 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: USD 22,500,000
- 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 the user experience.
- Series C
- Amount Raised: USD 27,500,000
- Date: September 2019
- Lead Investors: General Catalyst
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and increase business reach.
Total Amount Raised: USD 63,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. They led the Series C funding round for Digit.
- Investment Focus Areas: Technology, Healthcare, Consumer products
- Notable Investments: Airbnb, Stripe, Snap
- Ribbit Capital
- Details: Ribbit Capital is a venture capital firm focused on financial technology. They were a key investor in Digit's Series B funding round.
- Investment Focus Areas: Fintech, Financial services, Technology
- Notable Investments: Coinbase, Robinhood, Credit Karma
- Baseline Ventures
- Details: Baseline Ventures is an early-stage seed investor in technology companies. They were the lead investor in Digit's seed funding round.
- Investment Focus Areas: Technology, Consumer internet, Mobile
- Notable Investments: Instagram, Twitter, Heroku
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital investment arm of Alphabet Inc. They participated in Digit's Series C funding round.
- Investment Focus Areas: Life sciences, Artificial intelligence, Robotics
- Notable Investments: Uber, Slack, Nest
- Citi Ventures
- Details: Citi Ventures is the venture capital arm of Citigroup, focusing on high-growth companies. They participated in Digit's Series C funding round.
- Investment Focus Areas: Fintech, Data analytics, Enterprise technology
- Notable Investments: Betterment, Plaid, Square
What's Next for Digit?
Digit's future looks promising as it aims to expand its operations and enhance its financial health services. With the recent $27.5 million Series C funding, the company is well-positioned to attract more users by improving its auto-save features and adding new tools. The growing demand for automated financial health tools and the integration of AI and machine learning present significant opportunities for Digit to capture a larger market share.
Future fundraising opportunities are likely, with potential Series D rounds and strategic partnerships on the horizon. However, Digit will need to navigate challenges such as competition from other fintech companies and ensuring data security and privacy for its users. Maintaining user trust and satisfaction will be crucial as the company scales.
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