Fintech Startup Stable Money Raises $5 Mn In Seed Funding
Stable Money, a fintech startup, has raised $5 million (around Rs 41.4 crore) in a seed funding round co-led by Matrix Partners India and Lightspeed.
Titan Capital, Mar Shot Ventures, and angel investors, including Kunal Bahl and Rohit Bansal (Snapdeal), Abhishek Goyal (Tracxn), Harsha Majety (Swiggy), Sandeep Tyagi (Estee Advisors), Ramakant Sharma (Livspace) and Revant Bhate (Mosaic Wellness), among others also participated in the fundign round.
As per the startup, the freshly raised funds will be used for strengthening senior leadership, product development, and building its technological stack.
Stable Money | FD Marketplace
Founded by Saurabh Jain and Harish Reddy in 2022, Stable Money is a fintech platform that aims to help individuals grow their wealth stably and securely through fixed-income assets like fixed deposits, debt mutual funds, and bonds, along with a range of low-risk asset classes.
Speaking about the development, Saurabh Jain and Harish Reddy, Co-founders of Stable Money, in a joint statement, said,
“While equities and mutual funds are readily available on various platforms, we recognize the lack of opportunities for fixed return products. We aim to provide a portfolio that acts as a financial safety net for Indian investors, offering safe investment options.”
The fintech platform explores FD interest rates from over 200+ banks and allows customers to effortlessly manage and track their FDs using intuitive digital tools. Working with a team of 20 people, the startup wants to expand its offerings to include a diverse range of investment avenues, including mutual fund products and bonds, in the future.
Stable Money plans to launch its Android and iOS apps by the end of this month. Currently, 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 also aims to integrate with 25+ banks and RBI-regulated institutes by the end of 2024.
Through strategic alliances, the fintech startup aims to ensure that 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.
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