Wealthtech Startup Stable Money Secures Rs. 173 Crore in Funding
• Wealthtech startup Stable Money has successfully raised Rs. 173 crore (around $20 million) in its Series B funding round.
• The funding round sees support from notable investors like Fundamentum, Matrix, RTP Global, and Lightspeed.
• With this latest investment, Stable Money's valuation has soared to over $130 million, marking a 2.3X increase since its last funding round.
Stable Money, a rising player in the wealthtech space, has raised rRs. 173 crore ($20 million) from a group of investors that includes The Fundamentum Partnership Fund, Matrix Partners, RTP Global, and Lightspeed India.
According to their filings with the Registrar of Companies, Stable Money has issued 10 equity shares and 51,914 Series B preference shares at Rs. 33,345 each to reach this funding goal.
A significant portion of this capital comes from the Fundamentum Partnership Fund, which is investing Rs. 86.5 crore ($10 million). Other contributors include RTP Global (Rs. 33.78 crore), Matrix Partners (Rs. 45.42 crore), Lightspeed India (Rs. 4.32 crore), and Naman Finance (Rs. 3 crore).
The funds will be directed towards growth initiatives, marketing efforts, and essential operational costs. Following this funding round, Entrackr estimates that Stable Money's valuation could exceed $130 million, reflecting a 2.3X increase from its Series A round held eighteen months ago.
After this round, The Fundamentum Partnership Fund will own 7.94% of Stable Money, while Naman Finance will hold 0.28%, Lightspeed India will have 15.20%, RTP Global will possess 13.45%, and Matrix will be the largest shareholder with 18.97%.
Also Read: Neha Dhupia-Backed BlackCarrot Secures Fresh Funding to Spice Up India's Dinnerware Game
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is focused on simplifying wealth management for retail customers, allowing them to easily invest in fixed income. Users can explore a digital platform to compare, invest in, and monitor bank fixed deposits (FDs) from various banks.
• The funding round sees support from notable investors like Fundamentum, Matrix, RTP Global, and Lightspeed.
• With this latest investment, Stable Money's valuation has soared to over $130 million, marking a 2.3X increase since its last funding round.
Stable Money, a rising player in the wealthtech space, has raised rRs. 173 crore ($20 million) from a group of investors that includes The Fundamentum Partnership Fund, Matrix Partners, RTP Global, and Lightspeed India.
According to their filings with the Registrar of Companies, Stable Money has issued 10 equity shares and 51,914 Series B preference shares at Rs. 33,345 each to reach this funding goal.
A significant portion of this capital comes from the Fundamentum Partnership Fund, which is investing Rs. 86.5 crore ($10 million). Other contributors include RTP Global (Rs. 33.78 crore), Matrix Partners (Rs. 45.42 crore), Lightspeed India (Rs. 4.32 crore), and Naman Finance (Rs. 3 crore).
The funds will be directed towards growth initiatives, marketing efforts, and essential operational costs. Following this funding round, Entrackr estimates that Stable Money's valuation could exceed $130 million, reflecting a 2.3X increase from its Series A round held eighteen months ago.
After this round, The Fundamentum Partnership Fund will own 7.94% of Stable Money, while Naman Finance will hold 0.28%, Lightspeed India will have 15.20%, RTP Global will possess 13.45%, and Matrix will be the largest shareholder with 18.97%.
Also Read: Neha Dhupia-Backed BlackCarrot Secures Fresh Funding to Spice Up India's Dinnerware Game
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is focused on simplifying wealth management for retail customers, allowing them to easily invest in fixed income. Users can explore a digital platform to compare, invest in, and monitor bank fixed deposits (FDs) from various banks.
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