Digit, a San Francisco, CA-based financial health company, raised a $27.5m Series C funding round.
The round was led by General Catalyst, with participation from existing investors Ribbit Capital, Google Ventures, Freestyle Ventures, as well as Citi Ventures and Financial Venture Studio.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Ethan Bloch, Founder and CEO, Digit analyzes spending and automatically saves the perfect amount every day, allowing people not to think about it.
The company started as a savings tool, creating a new ‘auto-save mode’ to remove the stress and effort of saving money for the everyday and long-term. By connecting directly to members’ banks, Digit automatically and intelligently allocates money towards their savings goals, ensuring personalized and steady progress towards financial health. So far, members have set over 8 million goals and on average save over $2,000 a year.
The company currently has a team of over 60.