Stable Money, a wealthtech platform based in Bengaluru, has secured $20 million (Rs 173 crore) in a funding round, with investment from Fundamentum Partnership and participating from existing investors Z47 and RTP Global, Inc. Lightspeed Ventures and Aditya Birla also participated in the round.
- Stable Money Secures $20 Million Funding Led by Fundamentum Partnership
- Wealthtech Platform Stable Money Expands Fixed-Return Investment Offerings
- Bengaluru-Based Stable Money Partners with 8 Banks, Manages Over Rs. 3,000 Crore in Assets
The company had previously raised $20 million in Series A and Seed funding from Z47 and RTP Global and existing investor Lightspeed, along with several angel investors such as Sriharsha Majety, Kunal Bahl and Rohit Bansal.
The newly raised capital will be used to expand its fixed income products, add new banking partners, and grow distribution and the company plans to add another eight or more banks and NBFC's in 2025.
Stable Money was founded in 2022 by Saurabh Jain and Harish Reddy and allows users to invest in fixed-return products such as fixed deposits (FDs), recurring deposits, secured credit cards and bonds.
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The company has partnerships with eight banks and two NBFCs and its integrated institutions are IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB. The company has over 150,000 users and over Rs 3,000 crore of assets under management.
The firm has not yet filed its financials for FY25. It was still in a pre-revenue stage in the fiscal year ended March 2024, reporting operating revenue of Rs 35.3 lakh and a net loss of Rs 12.29 crore.
