Finance and accounting platform for small businesses, Digits recently confirmed that it has closed its $65 million Series C funding round led by SoftBank. With recent funding, the company has reached a valuation of $565 million.
Additionally, Digits has launched Digits Reports, a platform that facilitates secure and efficient financial reporting. To date, the fintech company has raised a total of $97.5 million in funding. According to the company, SoftBank invested in Digits after having an early look at Digits Reports.
Founded in 2018, Digits is a financial management platform that offers a broad range of services related to financial data. Last year, the company introduced its first business finance tool.
"For the past 20 years, 'closing the books' has meant a monthly email from your accountant or finance team, usually with an attached PDF or Excel model," said Wayne Chang, the Co-Founder of Digits. "We've seen accountants using Digits save 3-4 hours per client every month, and when you are closing dozens of books, that adds up to hundreds of hours saved."
"We believe that Digits has the potential to change how small businesses digest financial information and be useful to many of our portfolio companies," said Eylul Kayin, the Investment Director at SoftBank Investment Advisors.
Technology
The use of technology in the corporate sector has jumped substantially in the past few years. According to Digits, the company is currently using technologies like Artificial Intelligence (AI) for a better understanding of business finance.
"We've invested the last three years in building the technological foundations required to understand and model business finance, in real-time, as transactions happen. We call this the 'Living Model'," said Jeff Seibert, the Co-Founder of Digits. "Using advanced algorithms and machine learning, Digits automatically understands each business at the object level, its customers, suppliers, bank accounts, employees, and so on, and the transactions between them. This is what makes products like Digits Reports so powerful, yet so intuitive.”
