New funds are earmarked towards executing on the fintech’s commitment to cutting-edge accounting and business finance solutions, bringing the company’s valuation to $565 million
Digits, a real-time finance and accounting platform for small businesses, announced the close of its $65 million Series C funding round led by SoftBank with participation from Harry Stebbings’ 20VC Growth, as well as GV and Benchmark. The latest round brings Digits total funding to $97.5 million and values the company at $565 million as it launches its first major product.
SoftBank invested in Digits after getting an early look at Digits Reports and the underlying technology powering Digits’ upcoming product line for accountants and finance teams. “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, Investment Director at SoftBank Investment Advisors.
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Digits Reports, the company’s first major product, reinvents financial reporting for small and medium businesses. “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, 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.”
As the company’s first product, Digits Reports brings financial reporting into the modern era with live, interactive financial statements featuring built-in analysis and visualizations. With new features including “hover to discover,” Digits Reports empower business owners and their finance teams with instant access to underlying transaction data and multi-dimensional aggregations to understand drivers and changes. 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.
“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, 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.”
Alongside Digits Reports, the company is announcing Digits Report Builder, which allows accountants to create 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 and finance professionals can assemble and share beautiful, immersive financial reports that highlight critical findings for their clients and stakeholders. Digits sits on top of existing accounting software, such as QuickBooks, and takes just a few clicks to activate across an accounting firm’s entire client portfolio, with no data transfer or configuration required.
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“I have interviewed over 1,000 of the best founders in the world and Wayne and Jeff are two of the best. Invest in people as the old adage is,” said Harry Stebbings of 20VC.
Digits was founded in 2018 by serial entrepreneurs and angel investors Jeff Seibert and Wayne Chang. Prior to launching Digits, Seibert and Chang were the co-founders of the real-time mobile analytics tool Crashlytics, which was acquired by Twitter for over $100 million in January 2013 and then re-acquired by Google in 2017. Seibert and Chang are passionate supporters of the small business ecosystem and angel investors in over 70 startups. In 2021, Digits launched its first business finance tool, Digits Search, as a technology demonstration of its underlying platform. A first of its kind, Digits Search organizes a company’s financial data in real-time, making it searchable, visualizing intuitively, and instantly accessible.
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