Digits aims to disrupt fintech with real-time analytics

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Digits, a leading fintech platform, announced today that it has raised a series C funding round led by SoftBank, with participation from Benchmark and GV, reportedly bringing total funds raised to $97.5 million and putting the company’s current valuation at $565 million.

The capital will be used to accelerate the company’s growth plans, including strategically building out and expanding Digits’s Living Model technology. The first tool of its kind, Living Model leverages machine learning and advanced statistical analysis to convert granular data into visually compelling and valuable business information.  

Digits was founded by Jeff Seibert and Wayne Chang, former cofounders of Crashlytics, which was sold to Twitter for over $100 million in 2013 and then acquired from Twitter by Google in 2017.

 “I have interviewed over 1,000 of the best founders in the world, and Wayne and Jeff are two of the best. Digits represents a dramatic paradigm shift for business finance,” according to Harry Stebbings, founder of The Twenty Minute VC podcast.

Softbank Vision Fund investor Eylul Kayin added, “It’s rare for one of our portfolio companies to be valuable to the others. Digits is useful to all of them.”

With the goal of solving many of the issues they faced as entrepreneurs, Seibert and Chang set out to build a finance platform and real-time dashboard that allows financial professionals to gain a better understanding of exactly what is going on with their company’s finances, in real-time.

Taking fintech from reactive to proactive

With information being scattered across multiple systems and needing to be updated manually, the data collection process is often tedious, error-prone and time-intensive. “In this scenario, finance is reactive — there’s no way to get in front of anything because you can only examine it after the fact,” said Chang.

Digits, however, sits on top of everything in a business’s finance stack. “There’s no changing out any tools or configurations. You simply integrate your ledger, link your corporate accounts and Digits does the rest. That’s it. Zero configuration or setup. You’re ready to go in minutes,” Chang continued.

Rather than entirely relying on human-generated entries that could change from month to month, person to person, the Living Model provides businesses with a comprehensive understanding of their finances and reduces the likelihood of human errors.

The applications of the Living Model technology are vast, with both large enterprises and financial institutions reaping the benefits of features like Digits Reports and Digits Report Builder.

  • Digits Reports brings financial reporting into the modern era with live, interactive financial statements featuring built-in analysis and visualizations. Unlike traditional PDF or Excel reports, Digits Reports are fully encrypted and support built-in commenting, collaboration and secure sharing, including the ability to monitor and revoke unwanted access. Digits Reports’ AI-generated insights save hours of analysis and help businesses understand what is going on beyond the basic Profit & Loss statement and Balance Sheet.
  • Digits Report Builder allows accountants to design customized report packages for their clients in a fraction of the time. With powerful analysis at their fingertips, in the form of insights, graphs and interactive charts, accountants, bookkeepers and CFOs can assemble and share easy-to-understand, immersive financial reports that highlight critical findings for their clients and stakeholders. 

As pandemic restrictions ease, Digits remains committed to preparing Living Model users for volatility and helping businesses adapt to their changing environments.

Originally appeared on: TheSpuzz