FinTech profile: Digits — innovation in business analytics

Digits is a startup that uses innovative technology to deliver real-time analysis of business’ financial reports

You may or may not have heard of Digits. That’s because the fintech, founded in 2018, currently operates in stealth mode — its services being invite-only.

Digits has previously described itself as a “counting company”. In reality, the business is using state-of-the-art technology to disrupt the way in which businesses analyse and understand their financial reporting.

It’s proposition, Digits for Expenses, is described by the business as “the most intuitive financial software you’ve ever used”.

It is, in essence, a visual, machine learning-powered expense monitoring dashboard for startups and small businesses.

Digits for Expenses

According to Digits, “no business can afford to spend weeks or months implementing new solutions, or burdening their finance teams with new workflows to ramp up on.”

With that in mind, Digits for Expenses sits on top of a company’s existing accounts package and connects with the preferred financial institutions.

The usual process for analysing expenses, says Digits, can take up to 120 days. It’s solution provides a complete and real-time understanding of expenses, analysing spend and visualising it for the business as it happens.

This allows better analysis of those details, and the understanding of recent activity, trends, anomalies or any other potential problems.

When it comes to spending, for example, Digits’ software automatically analyses spend over time to illustrate any specific categories that businesses should note.

It also uses machine learning to predictively categorise these transactions as they occur.

Maintaining an understanding of which parties are being paid, and how much, can sometimes prove challenging. In this area, Digits identifies all active subscriptions and recurring charges, thus setting a baseline from which to work.

This extends to highlighting upcoming and expected transactions, complete with reminders.

The software also includes a powerful search function so as to have complete visibility over all aspects of expenses and automatically identifies all vendors for relevant transactions.

Funding and growth

In November last year, the company raised a $10.5mn round of Series A funding. The round was led by Benchmark, but reportedly had the backing of a total of 72 angel investors.

At the time of reporting, TechCrunch said that this included founders and CEOs from companies such as SoFi, Twitch, Tinder, Box and more.

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Originally published at https://www.fintechmagazine.com on May 1, 2020.