Stable Money Has Secured $20 Million By Fundamentum

So recently, Stable Money has secured $20 million in the recent startup funding round led by Fundamentum Partnership and other existing investors such as Z47, RTP Global, and Lightspeed.

Summary:

1. Stable Money, a startup founded by Saurabh Jain and Harish Reddy in 2022, has secured $20 million in a startup funding round led by Fundamentum Partnership.

2. The wealthtech company aims to add at least eight more banks in NBFCs by 2025. Stable Money, India’s first digital fixed-deposit marketplace, allows users to invest in fixed deposits without creating a savings account.

3. The company has raised $40 million in several rounds, with investors such as Fundamentum, Z47, Lightspeed, RTP Global, and angel investors including Sriharsha Majety, Kunal Bahl, and Rohit Bansal.

Aditya Birla Ventures also participated in this round, which is confirmed after this latest startup news by the company.

This wealth tech company raised $20 million previously in a series A and seed round Z47, Lightspeed, RTP Global, and angel investors, including Sriharsha Majety, Kunal Bahl, and Rohit Bansal.

According to sources, this startup funding will be utilized in expanding the product suite, bringing new banking partners, and growing their distribution segment. Also, the company intends to add at least eight more banks in NBFCs in 2025.

Stable Money, a wealth tech startup, was founded in 2022 by Saurabh Jain and Harish Reddy. The company allows users to invest in fixed-return products like fixed deposits (FDs), recurring deposits, secured credit cards, and bonds. 

It presently collaborates with eight banks and two NBFCs. IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB are all integrated institutions. The portal has over 150,000 users and manages assets worth over Rs 3,000 crore.

Based on the latest startup news, the company has not yet filed its FY25 financial information. For the fiscal year ending March 2024, it remained in the pre-revenue stage, sharing an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.

“Stable Money was founded on a simple belief: that every Indian should have a secure, transparent way to grow their savings,” said co-founders Saurabh Jain and Harish Reddy in a joint press release. “This funding is a strong vote of confidence in our mission to deliver predictable, inflation-beating returns to millions of households.”

Who is Stable Money?

This wealthtech company, which calls itself India’s first digital fixed-deposit marketplace, allows customers to invest in FDs without creating a savings account. Some of its features include a three-minute booking process, fast withdrawals, a seven-day trial FD, and FD-backed lifetime-free credit cards.

Mayank Kachhwaha, Principal at Fundamentum, said, “The wealthtech firm is reviewing savings by developing a highly trusted, digital-first fixed-income investment platform. They’ve grown from nothing to over Rs 3,000 crore in assets under management in just three months.” Z47’s Managing Director, Vikram Vaidyanathan, portrays the company as a leader in “a category of the future.” He continued: “Stable Money has built deep trust in fixed income products and rapidly emerged as a market leader.”

Also Read: Grammarly Has Secured $1 Billion From General Catalysts

“Stable Money, with its strong wealth-tech platform, is well-positioned to meet the changing financial needs of emerging ‘Middle India’. “This startup funding is in line with our mission to support exceptional entrepreneurs who are creating the companies of the future,” stated Aryaman Vikram Birla, the founder of Aditya Birla Ventures.

The company has raised a total of $40 million in different rounds. Marshot and well-known angel investors Rohit Bansal, Kunal Bahl, and Sriharsha Majety have previously backed the company. India’s fixed deposit sector, which has over 230 million account holders, is growing around 12% per year. Stable Money intends to take the lead by collaborating with at least eight more banks and NBFCs by 2025.

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