Digits, which styles itself as a counting company, has collected $10.5m in a Series A round from US-based venture capital firm Benchmark.
Additional support for the round came from 72 angel investors. In addition to the funding round, the company has added Benchmark general partner Peter Fenton to its board of directors.
The FinTech company offers an accounting platform which is designed at giving businesses easier and clearer access to their financial information. Its platform sees more than $1.5bn in transactions across its customer base, it claims.
Digits is an invite-only service.
In a blog post earlier in the year, the company co-founders Wayne Chang and Jeff Seibert stated they felt it was strange people still needed to be a trained accountant to understand a company’s financials. Furthermore, it is still “tedious, manual work” to ensure these are kept updated.
They said, “We’ve become obsessed with solving this, but in the right way. Not with bots that replace human accountants, but with software experiences that pair design and machine learning to democratize financial savvy. That empower people of all backgrounds and skillsets to visualize, understand, and manage their businesses, and elevate their interactions with their accountants, investors, and advisors.
“We feel there is an opportunity to apply consumer-grade design and engineering to the arcane world of business accounting; an opportunity to bring enterprise-grade tooling to everyone on Earth who aspires to own or operate a business.”
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