Wealthtech startup Stable Money raises Rs 123.56 crore led by Cyprus-based RTP Global, others

Bengaluru-based Wealthtech startup Stable Money, which claims to deliver 9.10% interest on FD, has raised Rs 123.56 crore in its latest funding round.

The round was led by Cyprus-based RTP Capital, with participation from Lightspeed India and Matrix Partners.

The startup previously raised $5 million in its Series A round in August last year, led by Matrix Partners and Lightspeed, with participation from Titan Capital, Mar Shot Ventures, and other prominent angel investors. 

The board at Stable Money had passed a special resolution to issue 77,135 Series A Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 16,019 each to raise INR 123.56 Cr, as per regulatory filings.

Who invested, and how much?

RTP Capital led the investment round with 33,877 shares, contributing Rs 54.26 crore. Mauritius-based Lightspeed India followed closely with 21,629 shares, investing Rs 34.64 crore.

USA-based Matrix Partners India Investments IV LLC purchased 20,342 shares, adding Rs 32.58 crore. 

What does Stable Money do?

Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money aims to provide individuals with stable fixed-income investment opportunities. The startup will also be launching a Secured credit card by January 2025.