US-based fintech company Digit has closed a $22.5m series B round that featured GV, the corporate venturing arm of diversified conglomerate Alphabet, TechCrunch reported yesterday.
The round was led by Ribbit Capital and also featured all existing investors – General Catalyst Partners, Baseline Ventures, Freestyle Capital, Upside Partnership, Operative Capital and assorted angel investors.
Digit operates a platform that connects to a user’s bank account to analyse spending habits. Once a pattern has been established, the platform then automatically and over time transfers money to a savings account.
The company claims it has helped consumers save more than $125m since its launch.
Digit has secured $36m in funding to date.
In May 2015, Digit obtained $11.3m in series A capital from investors including GV, then known as Google Ventures. General Catalyst led that round, while Baseline and angel investor Hans Morris, former president of payment processing firm Visa, also participated.
GV also supported a $2.5m seed round in December 2014 that also featured Baseline, Freestyle, Upside, Operative and several angel investors.
Digit said it still has $8m remaining from the series A round, but was keen on establishing a relationship with Ribbit, which exclusively invests in fintech startups.