Financial software startup Digits announced it secured $65 million in new funding after completing a Series C investment round.
According to company CEO Wayne Chang, this brings Digit’s total value to $565 million. The Series C round was led by SoftBank's Vision Fund, while also receiving support from Harry Stebbings’ 20VC Growth and previous investors GV and Benchmark.
Digits specializes in developing accounting software which provides users with a live representation of an organization's current financial state. Despite being in an invite-only phase for some time, the company recently announced the launch of its first product called Digits Reports. Currently, Digits has a waitlist of 16,000 customers but is working with a limited number of users to prepare the software for mainstream usage.
Although the enthusiasm for Digits is a result of its upcoming offerings, investors have confidence in the company due to the previous success from founders Wayne Chang and Jeff Seibert. Prior to forming Digits, Chang and Seibert created the highly successful crash reporting service Crashlytics. The company was eventually acquired by Twitter, and then later by Google.
Wayne Chang told Yahoo! Finance, "We know we are building pretty compelling technology that no one else has," he said, "and the Living Model is applicable to other things. For example, if you are a bank and want to apply different lending models, our platform can automatically tell you about the financial state of a company. We are just scratching the surface of what we can do."
