On Thursday, San Francisco-based fintech startup Digits announced the closure of a $22 million Series B financing round led by GV, formerly known as Google Ventures. The company was created by the same team that built and sold Crashlytics to Twitter in 2013.
Digits will use the latest round of funding to launch Digits for Expenses, an expense monitoring dashboard that provides business owners with a live look at their financial reports. The dashboard can automatically analyze business expenditures to provide a detailed look at recent financial activity, trends and anomalies, according to the company. The web application is free to use for small businesses and automatically encrypts financial data in order to ensure security.
“We are obsessed with the vision that business finance should be immediately accessible and intuitive. It should learn, in real-time, as the business evolves, and it should empower business owners and operators everywhere, without requiring any prior financial training,” Jeff Seibert and Wayne Chang, Digits co-founders, said in a statement.
The startup’s platform is compatible with an array of financial institutions including Bank of America, Chase, Wells Fargo and Citibank, among others.
According to the company, instead of requiring businesses to switch from their current financial platforms, Digits has the ability to connect with its clients’ existing accounting software, banks and payroll providers to provide an easy transition.
“Startups and small businesses today simply don’t have the resources to manage their finances internally. Most of them still settle for spreadsheets, and the lucky ones work on an hourly basis with external accountants,” Seibert said in a statement to TechCrunch.
Digits was founded in 2018 and has raised a total of $32.5 million in venture capital to date, according to Crunchbase.
