Digits Accelerates FP&A with Basis Finance Acquisition

Mark Eisenberg
Photo: Finoracle.net

Digits Enhances Startup Financial Tools with Basis Finance Acquisition

Digits has recently acquired Basis Finance, a rapidly growing platform specializing in budgeting and forecasting. Both companies are renowned for their innovative approaches in the FinTech sector, leveraging technology to simplify financial processes for businesses.

Strategic Move to Enhance Financial Planning

The acquisition of Basis Finance by Digits is strategically aimed at accelerating Digits’ financial planning and analysis (FP&A) roadmap. This move will enhance Digits’ dashboard and reporting functionalities, expanding into more comprehensive financial planning tools. Although the specific financial details of the deal have not been disclosed, the acquisition emerges in a context where extending operational financial runway is increasingly critical due to rising interest rates and a challenging fundraising landscape.

Revolutionizing Bookkeeping and Budgeting

Digits revolutionizes bookkeeping for startups with its automated solutions, eliminating the need for manual entry and streamlining financial management. On the other hand, Basis Finance facilitates efficient budget creation and forecasting, integrating seamlessly with numerous financial systems. Its tools allow businesses to bypass the tedious task of spreadsheet management, supported by robust scenario comparison capabilities.

Integration and Leadership Roles

Following the acquisition, the co-founders of Basis Finance, along with their entire team, will join Digits. This integration underscores the strategic intent to meld Basis’ budgeting expertise with Digits’ robust data analytics framework, enhancing overall product offerings in financial management for startups.

Bebe Kim and Carlos Gil, co-founders of Basis Finance, will assume significant roles within Digits post-acquisition. Bebe Kim will head the marketing division, leveraging her extensive go-to-market (GTM) experience in finance and legal products, while Carlos Gil will lead the product and engineering efforts for Digits’ FP&A team, aiming for a product launch later in the year.

Expert Insights

“Good FP&A is an extension of good accounting,” Digits co-founder and CEO Jeff Seibert said. “One of the key challenges in running a good budgeting and planning process is access to clean financial data and expertly built financials. Digits is the source of that good data, and Basis will be able to accelerate the use of this data to support forward-looking decision making.”

This acquisition highlights Digits' commitment to enhancing financial management tools for startups, ensuring they stay ahead in a competitive and evolving financial landscape.

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Mark Eisenberg is a financial analyst and writer with over 15 years of experience in the finance industry. A graduate of the Wharton School of the University of Pennsylvania, Mark specializes in investment strategies, market analysis, and personal finance. His work has been featured in prominent publications like The Wall Street Journal, Bloomberg, and Forbes. Mark’s articles are known for their in-depth research, clear presentation, and actionable insights, making them highly valuable to readers seeking reliable financial advice. He stays updated on the latest trends and developments in the financial sector, regularly attending industry conferences and seminars. With a reputation for expertise, authoritativeness, and trustworthiness, Mark Eisenberg continues to contribute high-quality content that helps individuals and businesses make informed financial decisions.​⬤