• FOUNDING YEAR: 2013
    LOCATION:
    United States
    REGION:
    California
    Last Update:
    18 Oct, 2019
    Phone:
    +1 855-488-8866

Description

FOCUS

PRODUCTS & SERVICES:
Digit offers an automated savings platform that connects customers' checking account to Digit savings. It has developed an algorithm that determines the amount of money that a user can safely save each month after forecasting upcoming expenses and automatically sweeps that amount from user’s checking account into their savings account. The app also offers a credit card debt payment feature that automatically make an extra payment every month on a user’s credit card.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail customers
EXISTING PARTNERSHIPS:
The company has partnered with FDIC-insured banks where customers' funds are held.
COMMENT
The company supports over 2,500 banks and credit unions and all Digit accounts which are FDIC insured.

PEOPLE

FOUNDERS:
Ethan Bloch
Board Members and Advisors:
Hemant Taneja, Randy Reddig
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
Baseline Ventures, General Catalyst Partners, Ribbit Capital, Freestyle Capital, Google Ventures, Cooperative Capital, Nate Bosshard, Eric Ries, Randy Reddig, Hans Morris, Rick Berry, Eoghan McCabe, Garry Tan, Alexis Ohanian, Joshua Greenough, Ted Rheingold, Aaron Harris
KEY EMPLOYEES:
Ethan Bloch (CEO)

TRACTION

VALUATION / MARKET CAP:
$86 MM in 2016
TRANSACTIONS COMMENT:
As of Sep. 2016, Digit has reportedly saved $230 million for its users.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$36.3 Millions
DATE OF LAST FUNDING:
Jun 2016
SEED & PRIOR FUNDING:
$2.5 Millions
SEED CLOSED ON:
Dec 2014
FUNDING SERIES:
SERIES A
$11.3 Millions Closed: Jun 2015
SERIES B
$22.5 Millions Closed: Jun 2016
LISTED:
NO

LATEST RESEARCH