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Digital Wealth Management<br />
Digit Overview<br />
Landscape Category(s)<br />
Direct-to-Consumer<br />
Savings / Investing<br />
Facilitators<br />
CEO:<br />
Headquarters:<br />
Date Size ($ mm) Investor(s)<br />
06/02/16 $23 Ribbit Capital; General Catalyst<br />
05/05/15 11<br />
12/16/14 3<br />
Company Overview<br />
Financing History<br />
Ethan Bloch<br />
San Francisco, CA<br />
Founded: 2013<br />
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Digit is a free, automated savings account platform<br />
– Spending patterns are analyzed by Digit and money<br />
is automatically transferred from checking accounts<br />
to an FDIC-insured savings account at custodians<br />
Wells Fargo Bank and BofI Federal Bank<br />
– Money is transferred in small increments (typically $5<br />
- $50) every few days to slowly build savings<br />
The Company has a no-overdraft guarantee that pays<br />
back overdraft fees if they are caused by Digit<br />
Over 2,500 U.S. banks and credit unions are supported by<br />
Digit’s services, with international expansion planned<br />
Digit’s main communication platform is text messaging,<br />
available 24/7 for users to request transfers<br />
General Catalyst Partners; Baseline<br />
Ventures; Google Ventures; NYCA Partners<br />
Baseline Ventures; Freestyle Capital;<br />
Upside Partnership; Google Ventures;<br />
Operative Capital<br />
Source: Company website, LinkedIn, CrunchBase, PitchBook.<br />
Products & Services Overview<br />
• Users connect checking accounts and every few days, Digit<br />
automatically withdraws money and places it in a savings<br />
account<br />
• Digit’s algorithms interpret pay days, recurring bills,<br />
spending and other patterns to determine the transfer<br />
amount<br />
• On average, Digit transfers $18 two to three times per week<br />
‒ Minimum transfers are $0.05<br />
‒ Maximum transfers are $150<br />
‒ Automatic transfers can be set up by users<br />
• There are no minimums, zero fees and unlimited transfers<br />
Savings<br />
view savings balance<br />
Recent<br />
view recent transactions<br />
Save<br />
transfer to savings<br />
Pause<br />
pause saving<br />
Nine Interactive<br />
Commands<br />
Commands<br />
view all commands<br />
Balance<br />
view checking balance<br />
Bills<br />
view upcoming bills<br />
Withdraw<br />
transfer from savings<br />
Settings<br />
adjust programming<br />
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