Bengaluru-based wealthtech platform Stable Money has raised $20 million (INR 173 crore) in a fresh funding round led by Fundamentum Partnership, with participation from existing backers Z47, RTP Global, and Lightspeed. The round also saw the entry of Aditya Birla Ventures as a new investor.
The newly raised capital will be utilised to expand Stable Money’s product suite, onboard new banking partners, and scale its distribution network.
The company plans to add at least eight more banks and NBFCs in 2025 as part of its growth roadmap.
Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money allows users to invest in fixed-return instruments such as fixed deposits (FDs), recurring deposits, secured credit cards, and bonds.
The company currently partners with eight banks and two NBFCs, including IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB.
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Previously, the company raised $20 million across its Series A and Seed rounds from Z47, Lightspeed, RTP Global, and angel investors including Sriharsha Majety, Kunal Bahl, and Rohit Bansal.
As of now, Stable Money boasts a user base of over 150,000 and manages assets worth more than INR 3,000 crore on its platform.
On the financial front, the company has not yet filed its results for FY25. For the fiscal year ended March 2024, Stable Money remained in the pre-revenue stage, reporting an operating income of INR 35.3 lakh and a net loss of INR 12.29 crore.
