Digits Launches Digits Reports; Announces $65M Series C Led by SoftBank

Released: Mar. 24, 2022 at 9:00 AM EDT

• New funds are earmarked toward executing on the fintech’s dedication to chopping-edge accounting and enterprise finance answers, bringing the firm’s valuation to $565 million
• Digits Studies gives accountants and finance teams with a first-of-its-sort, intuitive, secure, and customizable system for actual-time financial reporting

SAN FRANCISCO, March 24, 2022 /PRNewswire/ — Digits, a serious-time finance and accounting system for small businesses, declared the near of its $65 million Collection C funding spherical led by SoftBank with participation from Harry Stebbings’ 20VC Expansion, as effectively as GV and Benchmark. The latest round brings Digits whole funding to $97.5 million and values the enterprise at $565 million as it launches its first significant item.

SoftBank invested in Digits just after getting an early glance at Digits Reports and the fundamental technological know-how powering Digits’ forthcoming product or service line for accountants and finance teams. “It can be exceptional for 1 of our portfolio companies to be valuable to the other people,” said Eylul Kayin, an trader at SoftBank’s Vision Fund. “Digits is valuable to all of them.”

Digits Studies, the firm’s very first major product or service, reinvents economic reporting for small and medium firms. “For the past 20 years, ‘closing the books’ has meant a month-to-month e mail from your accountant or finance team, normally with an hooked up PDF or Excel product,” claimed Wayne Chang, co-founder of Digits. “We’ve found accountants making use of Digits help you save 3-4 several hours per customer each individual month, and when you are closing dozens of guides, that provides up to hundreds of hours saved.”

As the firm’s to start with merchandise, Digits Experiences delivers money reporting into the present day era with live, interactive economical statements showcasing built-in analysis and visualizations. With new attributes together with “hover to uncover,” Digits Stories empower organization entrepreneurs and their finance teams with instantaneous access to fundamental transaction knowledge and multi-dimensional aggregations to comprehend motorists and alterations. In contrast to conventional PDF or Excel experiences, Digits Reports are thoroughly encrypted, and assist built-in commenting, collaboration, and protected sharing, including the ability to keep an eye on and revoke undesired access. Digits Reports’ AI-generated insights help you save hours of investigation and support firms realize what is heading on over and above the simple Profit & Reduction statement and Balance Sheet.

“We’ve invested the last 3 decades in making the technological foundations essential to have an understanding of and design business enterprise finance, in actual-time, as transactions happen. We connect with this the ‘Living Model’,” mentioned Jeff Seibert, co-founder of Digits. “Applying sophisticated algorithms and device mastering, Digits mechanically understands each and every small business at the object level–its consumers, suppliers, bank accounts, workforce, and so on–and the transactions concerning them. This is what helps make products like Digits Reports so highly effective, nevertheless so intuitive.”

Together with Digits Experiences, the organization is announcing Digits Report Builder, which allows accountants to build customized report offers for their clients in a portion of the time. With potent examination at their fingertips, in the variety of insights, graphs, and interactive charts, accountants and finance pros can assemble and share beautiful, immersive money reports that highlight vital findings for their purchasers and stakeholders. Digits sits on major of current accounting computer software, this kind of as QuickBooks, and requires just a several clicks to activate across an accounting firm’s entire customer portfolio, with no knowledge transfer or configuration required.

“I have interviewed in excess of 1,000 of the ideal founders in the entire world and Wayne and Jeff are two of the greatest. Commit in people as the previous adage is,” mentioned Harry Stebbings of 20VC.

Digits was founded in 2018 by serial business people and angel traders Jeff Seibert and Wayne Chang. Prior to launching Digits, Seibert and Chang had been the co-founders of the authentic-time cell analytics tool Crashlytics, which was acquired by Twitter for above $100 million in January 2013 and then re-acquired by Google in 2017. Seibert and Chang are passionate supporters of the little company ecosystem and angel traders in more than 70 startups. In 2021, Digits released its very first business enterprise finance software, Digits Lookup, as a technological innovation demonstration of its underlying system. A very first of its type, Digits Look for organizes a firm’s fiscal details in actual-time, producing it searchable, visualizing intuitively, and immediately accessible.

For extra info on Digits, be sure to visit: http://www.digits.com.

About Digits
Digits is a economic management system that provides business enterprise pros entry to genuine-time financial facts and the means to assess their accounts as a result of the Digits Dwelling Product. The Living Product is an A.I.-increased technology that perpetually operates tens of millions of calculations, checking each business transaction and surfacing higher-effects insights. Digits has also received funding from founders, CEOs, and board members of Box, Github, Carta, Tinder, Gusto, and additional.

Since the firm’s inception in 2018, Digits has acquired several awards, which includes Business Insider’s Major 100 Startups, BuiltIn SF’s Top rated 50 Startups to View and Equal Ocean’s Next 50 in Global Fintech. Master a lot more at http://www.digits.com.

See primary content to down load multimedia:

Source Digits

The above push launch was presented courtesy of PRNewswire. The views, views and statements in the press launch are not endorsed by Gray Media Group nor do they always point out or reflect people of Gray Media Group, Inc.