Funding Round for Wealthtech Startup Stable Money
Wealthtech startup Stable Money is securing Rs 173 crore (approximately $20 million) in a funding round spearheaded by The Fundamentum Partnership Fund. Existing backers such as Matrix Partners, RTP Global, and Lightspeed India are also participating in this round.
According to regulatory filings obtained from the Registrar of Companies (RoC), the board at Stable Money has approved the issuance of 10 equity shares and 51,914 Series B preference shares, each priced at Rs 33,345. This initiative aims to raise Rs 173 crore, equivalent to $20 million.
The Fundamentum Partnership Fund is at the forefront of this funding round, contributing Rs 86.5 crore ($10 million). Other participating investors include RTP Global with Rs 33.78 crore, Matrix Partners with Rs 45.42 crore, Lightspeed India with Rs 4.32 crore, and Naman Finance adding Rs 3 crore.
Stable Money intends to allocate the funds for capital expenses, marketing initiatives, and general corporate needs. According to estimates from Startup Superb, the company’s valuation could soar to around $130 million following this allotment, marking a 2.3 times increase from its previous $15 million Series A round.
In February of this year, MoneyControl highlighted the potential of this deal.
Post-allotment, The Fundamentum Partnership Fund’s stake in Stable Money will be 7.94%. Matrix will possess 18.97%, RTP Global 13.45%, Lightspeed India 15.20%, and Naman Finance 0.28%.
About Stable Money
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is revolutionising the wealthtech domain by making fixed-income investing straightforward for retail clients. It offers users a digital platform where they can compare, invest in, and manage fixed-income products, particularly focusing on bank fixed deposits (FDs) from various banks.
As of now, the company has not released its financial results for FY25. For the fiscal year ending March 2024, Stable Money was still in the pre-revenue phase, reporting an operating income of Rs 35.3 lakh along with a net loss of Rs 12.29 crore.