Latest news with #StableMoney
Time of India
3 days ago
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
3 days ago
- Business
- Business Standard
Bengaluru-based Stable Money secures $20 million in series B funding
Stable Money, a fixed income investment fintech, secured $20 million in a series B funding round within a year of raising $15 million in a series A round in July last year. The Bengaluru-based company secured the latest round of funding from Nandan Nilekani's Fundamentum Partnership, Aditya Birla Ventures and participation from all the existing investors such as Z47, RTP Global and Lightspeed. In total, the company has raised $45.3 million in funding, data from market intelligence platform Tracxn shows. The company plans to add eight new banks and non-banking financial companies (NBFCs) in 2025 as partners. It aims to expand marketing to Tier II and III towns, where 'demand for secure, inflation-beating returns continues to grow'. The fresh capital from the series B funding round will enable the company to innovate on its wealth product offerings, deepen its partner network and accelerate distribution, the company said. 'This funding is a strong vote of confidence in our mission to deliver predictable, inflation-beating returns to millions of households, and will help us further strengthen our user experience, expand our partner network and reach investors across every corner of India,' said Saurabh Jain and Harish Reddy, co-founders, Stable Money, in a joint statement. The company has more than two million registered users. It offers financial products such as fixed deposits in partnerships with regulated entities (REs) and bonds. ALSO READ: 'With strong belief in the capabilities of the founding team, this investment aligns with our vision to back outstanding founders building the businesses of tomorrow. Our endeavour is to open up ABG's global ecosystem and network for the growth of our portfolio companies,' said Aryaman Vikram Birla, founder, Aditya Birla Ventures.
Entrepreneur
3 days ago
- Business
- Entrepreneur
Stable Money Raises USD 20 Mn Series B to Redefine Fixed-Income Wealthtech for Bharat
The Series B round was led by Nandan Nilekani's Fundamentum Partnership, with participation from Aditya Birla Ventures. Existing backers Z47, RTP Global, and Lightspeed also doubled down in the round. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Bengaluru-based wealthtech platform Stable Money has raised USD 20 million (INR 173 crore) in a Series B round led by Nandan Nilekani's Fundamentum Partnership, with participation from Aditya Birla Ventures. Existing backers Z47, RTP Global, and Lightspeed also doubled down in the round. The fresh capital will fuel product expansion, build out offline distribution, and scale Stable Money's fixed-income partner network, according to co-founder and CEO Saurabh Jain. "We're building trust first, then expanding the wealth journey step by step," said Jain. "These products help customers move beyond FDs at their own pace." Founded in 2022 by Saurabh Jain (former CEO of Navi Mutual Fund) and Harish Reddy, Stable Money began as a digital fixed deposit (FD) investment platform, targeting first-time wealth-tech users who prefer trust and predictability over risk. In early 2024, after securing a BSE OBPP license, the startup expanded to offer curated short-term corporate bonds, which now see 80% of uptake from FD users. The platform has rapidly scaled, now claiming over INR 3,000 crore in assets under management (AUM) and serving 20 lakh customers. Its core differentiator: short-duration bonds — from 2 to 6 months — that offer users quicker investment cycles, same-day liquidity, and lifetime-free demat accounts. Jain said the platform is now piloting debt and gold mutual funds, alongside a secured credit card backed by FDs, which already has 3,200+ customers in just one month — mostly from tier-II cities. "People in these towns have idle capital but lack access to wealth managers. We help bridge that gap," he noted. Next up: loan-against-FD products launching in the next quarter, and a broader rollout of DIY-style investment baskets combining FDs, bonds, and mutual funds. Unlike advisory-heavy platforms, these baskets will be configuration templates users can self-manage. With 10 partner banks and NBFCs live and 8 more in the pipeline, Stable Money is building a full-stack suite of safe, fixed-income products, especially for India's underbanked Bharat segment. "With Saurabh and Harish at the helm, Stable Money is on its way to becoming a full-stack safety net for how India saves," said Mayank Kachhwaha of Fundamentum.
Time of India
3 days ago
- Business
- Time of India
Wealthtech startup Stable Money raises $20 million in round led by Nilekani's Fundamentum Partnership
Wealthtech startup Stable Money, which provides digital fixed-return investment products, has raised $20 million (Rs 173 crore) in a funding round led by Infosys cofounder Nandan Nilekani 's Fundamentum Partnership . Existing backers Z47, RTP Global and Lightspeed, along with Aditya Birla Ventures, also participated in the round. The Bengaluru-based company will use the fresh capital to expand its suite of wealth products and accelerate customer acquisition by strengthening its distribution, cofounder Saurabh Jain told ET. 'In the last four or five years, most of the investments have come into categories like mutual funds, stocks and crypto, and they have seen massive growth. Everybody thought that was the opportunity for India,' Jain said. 'But there is a larger segment, which is currently under-tapped. That's when we started with fixed deposits ( FDs ), and I think that segment has given us a lot of love and volumes, which is very surprising, even to us,' he added. Users can create FDs on the platform starting at Rs 1,000, Jain said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Jain previously served as CEO of Navi Mutual Fund and held leadership roles at Swiggy . His cofounder, Harish Reddy, was formerly with the broking firm Estee. The company plans to onboard at least eight new banks and non-banking finance companies (NBFCs) in 2025. It currently has partnerships with around eight banks and two NBFCs. It also aims to broaden its marketing efforts to target underserved investors in tier-II and tier-III cities. As per its mobile application, banks currently integrated on the platform include IndusInd Bank, South Indian Bank, Slice Small Finance Bank, Ujjivan Small Finance Bank, Unity Small Finance Bank, and Suryoday Small Finance Bank. Stable Money had earlier raised $20 million across multiple rounds from investors, including Z47, Lightspeed, RTP Global, and Marshot, as well as angel investors such as Swiggy cofounder Sriharsha Majety and Titan Capital's Kunal Bahl and Rohit Bansal. Since its launch in 2022, Stable Money has onboarded more than 150,000 users, who have invested in FDs and bonds, taking its total assets under management (AUM) to over Rs 3,000 crore. The company noted that FDs remain India's most popular financial product, with over 230 million Indians holding them. The category continues to grow at the rate of 12% annually. In addition to FDs, Stable Money also offers investment products such as recurring deposits (RDs), secured credit cards, and bonds on its platform. While platforms such as Groww and Zerodha offer FDs, sovereign gold bonds (SGBs), and other fixed-income products as part of broader investment portfolios, several fintech players have also recently launched FD offerings. For instance, Flipkart-backed launched its FD product in November 2024, while payments firm MobiKwik rolled out instant FDs on its app last year. 'Stable Money is reimagining savings by building a highly trusted, digital-first fixed-income investment platform. They've blitzscaled from zero to over Rs 3,000 crore in AUM and have demonstrated 40% growth over the last three months. The team has democratised access to fixed-income products and built incredible customer love along the way,' said Mayank Kachhwaha, principal at Fundamentum. Vikram Vaidyanathan, managing director at Z47, added: 'We are seeing a generational shift in how Indians approach wealth, with a cohort of investors prioritising long-term compounding of savings over short-term gains. Stable Money has built deep trust in fixed-income products through a combination of user education, access, and a superlative consumer experience.'
