The San Francisco-based provider of automated savings tools raises $11.3 million in a Series A round. The company helps consumers save by automatically withdrawing money from a linked bank account and investing it in a savings account. General Catalyst led the round, which also included existing investors Baseline Ventures and Google Ventures. The company has now raised $13.8 million in total funding. .
Digit, a San Francisco-based startup, hopes to help Millennials save money by automatically doing it for them. The company said on Tuesday that it has raised $11.3 million in new funding, only three months after introducing its service. Apps like Mint that help people better track their spending and hopefully motivate them to save money have been around for several years. Digit takes it a step further by doing most of the work. After users link their checking accounts to the service, Digit uses algorithms to track their spending patterns and determine how much money to sneak away into a FDIC-insured savings account. From time to time, Digit sends users text messages to update them about their finances or give them the opportunity to adjust their account settings.