Silicon Valley FinTech startup Digits announced a $22 million Series B funding round led by GV — formerly known as Google Ventures — to launch its new expense monitoring dashboard, according to a company blog post.
Digits was created by the team responsible for building Crashlytics, which was sold to Twitter in 2013. Its new web application for expense monitoring is available at no charge to small businesses.
Digits for Expenses gives business owners the ability to see financial reports in real time and automatically analyze costs to evaluate activity, trends and anomalies. Everything is encrypted for security.
“We are obsessed with the vision that business finance should be immediately accessible and intuitive,” Digits Co-Founders Jeff Seibert and Wayne Chang said in the blog post. “It should learn in real time as the business evolves, and it should empower business owners and operators everywhere, without requiring any prior financial training.”
“Jeff and Wayne are masterful at creating intuitive, high-utility products from complicated data,” said GV’s Jessica Verrilli about the investment in the blog post. “I saw this up close with Crashlytics and Twitter, and I’m thrilled to partner with them on Digits as they reimagine financial software for startups.”
The company’s expense monitoring dashboard is powered by machine learning (ML) and geared toward startups and small businesses, according to a TechCrunch report. The dashboard can help businesses track spending by category, vendor and recurring expenses with real-time alerts.
“Digits is a phenomenal and truly game-changing product,” said Kenny Mendes, head of finance, people, and operations at Coda, according to the blog post.
Business owners can seamlessly switch to Digits and connect with services a company already deals with — accounting, lenders, payroll, financial and more, TechCrunch reported. More than 9,000 banks will soon offer support for Xero and NetSuite.
In November, Digits closed a $10.5 million Series A funding round led by Benchmark.