Digit currently operates in America, and Bloch says it has grown from processing a few million dollars a month last year to nearly $20 million per month this year.
Fast moving fintech startup Digit closed a $22.5 million Series B today just a year after closing an $11.3 million Series A. Ribbit Capital led the round with support from all prior investors including General Catalyst. This new round brings their total fundraising to $36 million. The San Francisco based startup, founded in February 2015, operates in the savings space and has been doubling down on the notion that Americans, especially those in the 18-30 set, do not save enough money. Digit CEO Ethan Bloch explains that “The Millennial generation has a -2% savings rate.” Meanwhile, “Saving is the cornerstone of financial health,” continues Bloch. Digit connects to a user’s checking account where a user-friendly bot learns from spending patterns.
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