Investments

FinTech Startup Digits Notches $10.5M

FinTech startup Digits has announced the close of a $10.5 million Series A funding round, led by Benchmark. There was also participation from 72 angel investors in the funding, including founders and CEOs from companies like Box, GitHub, Tinder, Twitch, Stitch Fix, SoFi and others.

“We’re also excited to share that Peter Fenton has brought his wealth of board experience from AirTable, Twitter, NewRelic, Yelp and many others to Digits,” the company wrote in a blog post. “We’d like to thank our early customers and partners that have all generously shared their time, knowledge, ideas and feedback with us over the past year as we’ve built out our core platform technologies. Digits’ production systems now see over $1.5 billion in transactions across our customer base, and that figure grows daily.”

Digits, which is currently invite-only, describes itself as “a counting company” that leverages APIs, classification algorithms and machine learning techniques to provide a real-time view into a business’ finances.

“As builders, there is nothing more exciting than cracking the next engineering puzzle, than perfecting the next design, than delivering the next capability to customers. And there is nothing more mind-numbing than the paperwork, and spreadsheets, and financial reports and inscrutable transaction records that are all required to actually operate the business,” the FinTech startup explained.

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PYMNTS STUDY: THE CROSS-BORDER MERCHANT FRICTION INDEX – JUNE 2020

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on international eCommerce sites. PYMNTS examined the checkout processes of 266 B2B and B2C eCommerce sites across 12 industries and operating from locations across Europe and the United States to provide a comprehensive overview of their checkout offerings.

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