Stable Money, a fintech startup that operates a fixed-return investment platform, has raised $5 Million in a seed funding round led by Matrix Partners India and Lightspeed, with participation from Titan Capital and Mar Shot Ventures.
Apart from investment firms, the seed round also saw participation from angel investors, including Kunal Bahl & Rohit Bansal (Co-Founders, Snapdeal), Harsha Majety (Co-founder and CEO of Swiggy), Sandeep Tyagi (Chairman & MD of Estee Advisors), Abhishek Goyal (Co-Founder of Tracxn), Madhusudanan (Co-founder of M2P Fintech), Ramakant Sharma (Founder of Livspace), and Revant Bhate (CEO of Mosaic Wellness).
According to the company's statement, the raised proceeds would be used towards strengthening senior leadership hiring, forging financial partnerships, building technology and developing a user-friendly mobile app for diversified fixed-return investment opportunities.
Stable Money will also focus on developing a user-friendly mobile app for both iOS and Android, empowering users to effortlessly book FDs, explore diverse debt products, and gain access to premium, well-diversified fixed-return investment opportunities.
Stable Money aims to democratize fixed-return asset investments for retail investors, offering access to Fixed Deposits, Debt Mutual Funds and bonds, along with a range of low-risk asset classes delivering inflation-beating results to enhance their financial prospects.
The startup said it offers offer high-interest rates in safe assets and is actively forging partnerships to establish deep collaborations with over 10 banks by the end of 2023.
It aims to integrate with 25 + banks and RBI-regulated institutes by the end of 2024.
Saurabh Jain and Harish Reddy, Co-founders of Stable Money, said, “We aim to revolutionize India's preferred asset class by reinventing Fixed Deposits. While equities and mutual funds are readily available on various platforms, we recognize the lack of opportunities for Fixed return products. Fixed Deposits have long been the top choice due to their safety from market volatility, simplicity, and rising interest rates. At Stable Money, our mission is to provide a secure portfolio that acts as a financial safety net during challenging times for Indian investors, offering safe investment options. Our journey begins with Fixed Deposits, where we bring the advantage of the current five-year high interest rates”.
Vikram Vaidyanathan, Managing Director, Matrix Partners India, said- “Wealth tech is now a “pull” category for Indians with Indians trusting online platforms with their hard earned savings. As the Indian GDP explodes and the middle-income segment prospers, there is a need for tech-first wealth platforms but many will start with products that are familiar to them. Stable Money is enabling these retail investors to access a range of wealth products starting with stable fixed-income products like FDs ensuring a seamless experience. We believe we are at an inflexion point in India's wealth story and are excited to partner with Harish, Saurabh, the Stable Money team, as they build a truly world-class fintech organization!”
Shuvi Shrivastava, Partner, Lightspeed, said, “We are excited to partner with the mission driven Stable Money team as they work to pave the way for a more responsible and secure financial future for millions of Indian households. The experience of the founding team, and their drive for innovation and impact in a segment largely dominated by short-term trends, is energizing. Stable Money's approach will redefine the way people manage their hard earned money and grow their investments with trust, transparency and technology.”