At Digit, we’re on a mission to make financial health effortless for everyone – starting in America, where 180 million people lack financial health, 58% have less than $1,000 in savings and, on average, households owe over $8,000 in credit card debt. To propel us forward, we have raised a Series C funding round to help us further financial health for even more Americans.
Here are the details for our Series C:
- We raised $27.5 million of new funding
- The round was led by General Catalyst, who also led our Series A
- We welcomed the continued backing from existing investors, including Ribbit Capital, Google Ventures, Freestyle Ventures, and others
- We’re pleased to announce that Citi Ventures and Financial Venture Studio have also joined as strategic investors to help us provide effortless financial health for everyone
“Millions of Americans struggle to manage their finances, and we're working hard to change that. This round of funding means we get to continue to pursue our mission in an even more impactful way."
- Ethan Bloch, Founder and CEO of Digit
From Effortless Savings…
Digit started as a savings tool, creating a new ‘auto-save mode’ to remove the stress and effort of saving money for the everyday and long-term. By connecting directly to our members’ banks, we automatically and intelligently allocate money towards their savings goals, ensuring effortless, personalized and steady progress towards financial health. So far, our members have set over 8 million goals and on average save over $2,000 a year. Together, we’ve helped our members save over $2.5 billion.
…To Eliminating Credit Card Debt Faster...
Earlier this year, we brought that same effortless approach to eliminating credit card debt. By connecting directly to our members’ credit card accounts, we automatically and intelligently allocate savings and make direct payments towards their credit card balances to help them get out of debt faster. The average Digit member using this feature is on track to pay off their debt 11 months faster.
…To Avoiding Unnecessary Fees
To provide even greater financial stability for our members, Digit launched Instant Overdraft Prevention in August 2019 as a way to protect our members from unnecessary fees charged by their banks for overdrafts. We’re already saving our members over $1 million a month in overdraft fees.
Join Us On This Journey
We’ve seen that the longer people use Digit, the more we see signs of their financial health improving. It is this kind of positive impact on our community, along with this new round of funding and the continued support of our dedicated team, that continues to propel Digit forward.
We’re hiring across teams, and we’d love to get to know you. Only an incredibly talented team can build a lasting business whose principal goal is to deliver financial health. We’re so grateful and inspired by everyone who’s joined us on this journey. Here are some quick callouts from just the last 90 days:
- Our team has rapidly grown from 40 to over 60 Digits, with more joining every week.
- Karthik Hariharan joined as our Vice President of Engineering to scale our engineering team. Most recently, Karthik spent 4 years leading engineering teams at Uber, UberEats, and Jump.
- Carolyn Satenberg joined as our Head of People to lead recruiting, learning & development, and strategic HR with a special focus on diversity & belonging at Digit. Carolyn was previously Head of HR at Eventbrite.
Thank you to everyone who has invested and supported us on our journey so far at Digit. We are thrilled to continue forward on our journey to make financial health effortless for everyone.