In the three years since its launch, micro-savings app Digit has helped its customers set aside over $1 billion for emergency funds, travel, and more, the company said today. The average Digit customer earns around $50,000 per year and is saving around $2,500 per year.
Founder and CEO Ethan Bloch attributes the companys success to its reframing of savings as a tool for specific life events, rather than an abstract financial instrument. I dont need a savings account,’ he says. I need a thousand dollars when my car breaks down or someone in my family gets sick or Im going on this trip.
Like Acorns, its primary competitor, Digit orchestrates the creation of customer savings by operating in the background. The company plugs into customers che…
Read the full article at: https://www.fastcompany.com/40533914/digit-with-1-billion-saved-turns-attention-to-consumer-debt
