It’s only been a few short months since automated savings startup Digit opened to the public, but it’s already garnered serious interest from consumers who want more money in their bank accounts, as well as investors who think the service could eventually be a huge hit.
Digit operates a simple platform for helping consumers to save money, by simply connecting to their bank accounts and gradually funneling money into a non-interest-bearing savings account. The service uses algorithms to track users’ spending behavior and moves money into savings in an automated fashion.
The hope is that Digit will put aside money that users’ wouldn’t have saved on their own — but not so much that they’re worried about overdraft fees and other potential financial complications. As General Catalyst managing director Hemant Taneja told me the other day, « No one likes to save — it’s a painful process… But everyone likes savings. »
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