Bengaluru-based wealthtech platform Stable Money raises $20 million in a Series B round

Wealthtech startup Stable Money has secured $20 million in a Series B funding round led by Nandan Nilekani’s Fundamentum Partnership, with participation from Aditya Birla Ventures and returning investors Lightspeed, RTP Global, and Z47.

The Bengaluru-based startup, founded in 2022, is targeting India’s conservative savers with a growing portfolio of fixed-income products that include bank FDs, curated short-term bonds, and secured credit cards backed by deposits.

The funding comes less than a year after its $15 million Series A round. The startup claims to have over Rs 3,000 crore in assets under management and more than 20 lakh customers, with monthly AUM doubling since the introduction of short-duration corporate bonds last October. 

According to co-founder and CEO Saurabh Jain, 80% of bond investors are customers who initially came for FDs. “People want predictability. They don’t want to see their money go down,” Jain said. “So we’re helping them begin with fixed deposits and then slowly move into bonds, mutual funds, and credit cards — products built on trust.”

Jain previously served as CEO of Navi Mutual Fund, and co-founder Harish Reddy was part of Navi’s early team. Their new venture is positioning itself not as an advisory-led wealthtech platform, but as a digital-first, low-risk savings ecosystem that emphasizes simplicity, control, and tangible returns. The core of Stable Money’s recent growth has come from short-term bonds — with tenors as low as two months — offered through its Online Bond Platform Provider license from BSE.

These instruments, Jain said, allow users to complete investment cycles quickly, build trust, and scale up allocations over time. To encourage adoption, the startup offers same-day liquidity and lifetime-free demat accounts. Beyond bonds, it has launched a secured credit card linked to fixed deposits, particularly aimed at customers with limited credit histories.

Jain said over 3,200 cards have been issued in one month, with tier-2 towns seeing the highest uptake. Loan-against-FD offerings are expected to launch in the next quarter, alongside a pilot for mutual fund products such as debt, liquid, arbitrage, and gold funds.

What sets Stable Money apart, Jain said, is its approach to bundling. Rather than curating portfolios like advisory platforms, the startup plans to introduce configurable “DIY-style baskets” of FDs, bonds, and mutual funds. While most fintechs chase urban millennials, Stable Money is building for the underserved, deposit-heavy middle class in smaller towns who may not be digitally native but are familiar with FDs and savings culture. To reach this demographic, the startup is piloting a physical distribution strategy by deploying small teams in select cities to onboard and educate users.

The Series B funding will be used to expand product lines, deepen partnerships with banks and NBFCs, and support distribution channels. Stable Money currently works with 10 financial institutions and expects to grow that number to 18 by June next year.