Stable Money raises $5M led by Matrix Partners India, Lightspeed
Bengaluru-based Stable Money will deploy the funds to bolster senior leadership hiring, forge financial partnerships, build technology, and develop a user-friendly mobile app for diversified fixed-return investment opportunities.
Stable Money, the Bengaluru-based fixed-return investment platform, on Tuesday said it raised $5 million in a seed round led by and , with participation from , Mar Shot Ventures, and prominent angel investors.
Angel investors, including Kunal Bahl and Rohit Bansal (Co-founders, ), Harsha Majety (Co-founder and CEO, ), Sandeep Tyagi (Chairman and MD, Estee Advisors), Abhishek Goyal (Co-founder, ), Madhusudanan (Co-founder, Fintech), Ramakant Sharma (Founder, ), and Revant Bhate (CEO, ), also participated in the round.
said it will use the funds to bolster senior leadership hiring, forge financial partnerships, build technology, and develop a user-friendly mobile app for diversified fixed-return investment opportunities.
Founded in 2022 by Harish Reddy and Saurabh Jain, Stable Money provides individuals with reliable fixed-income investment opportunities. The platform explores FD interest rates from over 200+ banks, allowing customers to effortlessly manage and track their FDs using intuitive digital tools.
"We will be focused on building the founding team and tech infrastructure for maximum data security. We are also spending time and money to build partnerships with financial institutions. We will also use the funds to make easy-to-use applications for our customers, empowering them to effortlessly book FDs, explore diverse debt products, and gain access to premium, well-diversified fixed-return investment opportunities," Co-founder Saurabh Jain told YourStory.
"At Stable Money, our mission is to provide a secure portfolio that acts as a financial safety net during challenging times for Indian investors, offering safe investment options. Our journey begins with fixed deposits, where we bring the advantage of the current five-year high-interest rates,” said Harish Reddy and Jain.
Moreover, Stable Money wants to expand its offerings to include a diverse range of investment avenues, including mutual fund products and bonds, in the future.
With a team size of 20 people, the startup will launch its Android and iOS apps by the end of this month. at present, its app is open to over 9,000 early beta users.
Further, the startup is actively forging partnerships to establish deep collaborations with over 10 banks by the end of 2023. It aims to integrate with 25+ banks and RBI-regulated institutes by the end of 2024.
These strategic alliances will ensure investors receive their investment receipts directly from trusted partner banks and NBFCs upon booking, adding an extra layer of transparency and reliability to the investment process, the co-founders said.
"We believe we are at an inflexion point in India's wealth story and are excited to partner with Harish, Saurabh, the Stable Money team, as they build a truly world-class fintech organisation,” said Vikram Vaidyanathan, Managing Director, Matrix Partners India.
“The experience of the founding team, and their drive for innovation and impact in a segment largely dominated by short-term trends, is energising. Stable Money's approach will redefine the way people manage their hard-earned money and grow their investments with trust, transparency and technology,” added Shuvi Shrivastava, Partner, Lightspeed Partner.
Edited by Suman Singh