3 days ago
Stable Money raises $20 million in flat Series B round led by Fundamentum
BENGALURU: Wealth-tech startup Stable Money has raised $20 million (Rs 173 crore) in a Series B round led by Fundamentum Partnership, the early-stage fund co-founded by Nandan Nilekani.
Aditya Birla Ventures also participated, along with existing investors Z47, RTP Global and Lightspeed.
The round comes less than a year after the company's previous fundraise. Stable Money plans to use the capital to expand its product offerings, strengthen its network of banking and non-banking financial company (NBFC) partners, and extend its reach into smaller cities and towns.
Founded in 2022, the Bengaluru-based startup operates a digital platform that facilitates fixed-return investments.
It allows users to book fixed deposits without opening a savings account and offers features such as instant withdrawal, a 7-day trial fixed deposit (FD), and FD-backed credit cards. The company recently launched Stable Bonds as part of its product expansion.
Stable Money said it currently has over 20 lakh users and manages more than Rs 3,000 crore in assets across FDs and bonds.
India's fixed deposit market includes more than 230 million account holders and continues to grow at an annual rate of around 12%.
The company had previously raised $20 million across earlier funding rounds from investors including Z47, Lightspeed, RTP Global, and Marshot, along with angel backers such as Swiggy's Sriharsha Majety and Snapdeal founders Kunal Bahl and Rohit Bansal.
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