Real-time finance and accounting platform Digits has closed its Series C round on $65m, which brings its valuation to $565m.
The round was led by SoftBank with participation from Harry Stebbings’ 20VC Growth, as well as GV and Benchmark.
SoftBank stated it backed Digits after an early glimpse at Digits Reports and the underlying technology powering is upcoming product line for accountants and finance teams.
Eylul Kayin said, an investor at SoftBank’s Vision Fund, said, “It’s rare for one of our portfolio companies to be valuable to the others. Digits is useful to all of them.”
Digit Reports, which will be the FinTech first major product, aims to reinvent financial reporting for small and medium businesses. Digits co-founder Wayne Chang explained closing books for the past 20 years has been a monthly email from the accountant or finance team with an attached PDF or Excel.
He added, ?We’ve seen accountants using Digits save 3-4 hours per client every month, and when you are closing dozens of books, that adds up to hundreds of hours saved.”
The new tool offers interactive financial statements with built-in analysis and visualisations. One feature is ?hover to discover?, which lets users get instant access to transaction data and multi-dimensional aggregations to understand drivers and changes.
Its platform is fully encrypted, unlike PDFs of Excel reports, and support full commenting, collaboration and secure sharing.
Digits co-founder Jeff Seibert said, “We’ve invested the last three years in building the technological foundations required to understand and model business finance, in real-time, as transactions happen. We call this the ‘Living Model’.
“Using advanced algorithms and machine learning, Digits automatically understands each business at the object level??its customers, suppliers, bank accounts, employees, and so on??and the transactions between them. This is what makes products like Digits Reports so powerful, yet so intuitive.”
The FinTech company has also announced its Digits Report Builder, which allows accountants to quickly create customised report packages for clients.
With the close of the round, the company has raised a total of $97.5m in funding since it was founded in 2018.
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