Digits has recently acquired Basis Finance, a rapidly growing platform specializing in budgeting and forecasting.
Both companies are renowned for their innovative approaches in the FinTech sector, leveraging technology to simplify financial processes for businesses.
The acquisition of Basis Finance by Digits is strategically aimed at accelerating Digits’ financial planning and analysis (FP&A) roadmap. This move will enhance Digits’ dashboard and reporting functionalities, expanding into more comprehensive financial planning tools.
Although the specific financial details of the deal have not been disclosed, the acquisition emerges in a context where extending operational financial runway is increasingly critical due to rising interest rates and a challenging fundraising landscape.
Digits revolutionizes bookkeeping for startups with its automated solutions, eliminating the need for manual entry and streamlining financial management. On the other hand, Basis Finance facilitates efficient budget creation and forecasting, integrating seamlessly with numerous financial systems. Its tools allow businesses to bypass the tedious task of spreadsheet management, supported by robust scenario comparison capabilities.
Following the acquisition, the co-founders of Basis Finance, along with their entire team, will join Digits. This integration underscores the strategic intent to meld Basis’ budgeting expertise with Digits’ robust data analytics framework, enhancing overall product offerings in financial management for startups.
Bebe Kim and Carlos Gil, co-founders of Basis Finance, will assume significant roles within Digits post-acquisition. Bebe Kim will head the marketing division, leveraging her extensive go-to-market (GTM) experience in finance and legal products, while Carlos Gil will lead the product and engineering efforts for Digits’ FP&A team, aiming for a product launch later in the year.
“Good FP&A is an extension of good accounting,” Digits co-founder and CEO Jeff Seibert said. “One of the key challenges in running a good budgeting and planning process is access to clean financial data and expertly built financials. Digits is the source of that good data, and Basis will be able to accelerate the use of this data to support forward-looking decision making.”
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