Overview

Digit helps individuals save money and pay off debt effortlessly by connecting their credit cards and bank accounts to its platform. The service analyzes users' spending habits and automatically transfers small amounts of money into a savings account, allowing users to save for various goals without actively thinking about it. Unlike traditional financial services, Digit operates on a subscription model, offering a 30-day free trial followed by a monthly fee for access to its automated tools. The company's goal is to improve financial health by making saving and debt repayment easy and stress-free, while also building trust through user feedback.

Simplify's Take

What believers are saying

• AI-driven financial tools enhance Digit's automated savings and debt repayment features.
• Embedded finance allows Digit to expand its reach and user base.
• Financial wellness programs offer a new market for Digit's services as employee benefits.

What critics are saying

• Increased competition may erode Digit's market share in automated savings.
• 'Buy Now, Pay Later' services could reduce demand for Digit's debt tools.
• Consumer privacy regulations may impact Digit's ability to analyze spending habits.

What makes Digit unique

• Digit automates savings by analyzing user spending habits and transferring small amounts.
• The platform targets millennials and those lacking financial literacy for effortless saving.
• Digit's subscription model funds its advanced financial management technology and services.

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Funding

Total Funding

$279.3M

Above

Industry Average

Funded Over

5 Rounds

Notable Investors:

General Catalyst

Notable Investors:

General Catalyst

$213,000,000

Acquisition

Nov 2021

Acquisition funding comparison data is currently unavailable. We're working to provide this information soon!

Acquisition Funding Comparison

Coming Soon

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