Digits Nabs $565M Valuation Following $65M Series C
San Francisco-based fintech startup Digits announced Thursday that it raised $65 million in fresh financing. The Series C, led by VC all-star SoftBank’s Vision Fund, brings the company’s valuation to $565 million.
The latest raise comes in a little under two years following Digits’ Series B. At the time, the company grabbed $22 million in a round led by GV, which also participated in the latest raise.
“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,” Wayne Chang, co-founder of Digits, said in a statement.
Digits aims to save accountants time by providing them with the ability to close dozens of books at once. By doing so, Chang says, accountants can save their clients three to four hours a month.
“When you are closing dozens of books, that adds up to hundreds of hours saved,” he added.
Digits’ premier offering, Digits Reports, operates as a financial reporting tool. Unlike traditional PDF reports, Digits Reports are fully encrypted and feature an array of commenting and collaboration tools, according to the company.
“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,” Jeff Seibert, co-founder of Digits, said in a statement. “We call this the Living Model.”
The AI-powered Living Model provides Digits with the ability to understand each of its enterprise customers at the object level. That includes customers, suppliers, bank accounts, employees and more. Digits can monitor and keep track of transactions between all of these entities in order to build out a comprehensive view of a clients’ finances.
“It’s time to bid farewell to stale, black and white reports, tedious Excel models, and unsecured email attachments,” the two co-founders wrote in a shared company blog.
Seibert and Chang got Digits off the ground in 2018. Over the years the two entrepreneurs have proven themselves to be quite a dynamic pair. Together they hail from the same team that successfully built and sold Crashlytics to Twitter in 2013.
Having already added two new tools to its product suite since its Series B, Digits plans to double down on product growth following the latest raise. Not only that, but the company is also on the lookout for a few fresh faces to join its team. Digits is now hiring a product manager, product designer and software engineer. Every position up for grabs is available to work remotely.
“We founded Digits to empower accountants, financial professionals and operators with the finance tools they deserve,” Seibert and Chang wrote in the blog post. “Our team has poured their hearts and souls into the product.”
Digits isn’t the only SF-based company to lock in fresh investment from SoftBank this week. On Wednesday, development platform RapidAPI raised $150 million in a Series D round led by SoftBank Vision Fund 2.
Digits has raised $97.5 million in venture capital financing to date, according to the company.
Additional investors 20VC Growth and Benchmark participated in the Series C raise.