Digit, a San francisco, CA-based fintech startup closed a $22.5M Series B round of funding.
The round was led by Ribbit Capital with participation from General Catalyst and other existing backers.
The company, which has raised $36m to date, intends to use the funds to continue to develop the platform and expand adoption of the service.
Founded in February 2015 and led by CEO Ethan Bloch, Digit provides an app that every few days checks user’s spending patterns and moves a few dollars from his/her checking account to the Digit account, if affordable.
Completely free, Digit automatically figures out when and how much is safe to save based on the user’s lifestyle. It also features Savings Bonuses, which reward users for saving every 3 months.
All funds held within the app are FDIC insured up to a balance of $250k.
Digit is currently available for iPhone with an Android version to come soon.