Stable Money Secures $5M in Seed Funding Led by Matrix Partners and Lightspeed for Wealthtech Platform
- ByStartupStory | August 8, 2023
Stable Money, a wealth tech platform led by former Navi Mutual Fund CEO Saurabh Jain, has successfully raised $5 million in seed funding from investors including Matrix Partners India and Lightspeed, despite the funding slowdown. Titan Capital, Mar Shot Ventures, and notable angel investors such as Snapdeal’s Cofounders Kunal Bahl and Rohit Bansal, Swiggy’s CEO Harsha Majety, and others also participated.
The funding will support Stable Money’s expansion, technology development, and user-friendly mobile app creation. The platform offers diversified fixed-return investment opportunities, encompassing Fixed Deposits, Debt Mutual Funds, bonds, and more. The company plans to partner with over 10 banks by the end of 2023 to expand its Fixed Deposit services.
Stable Money is signing partnerships with over 10 banks by the end of 2023 to operate its FD services. “The goal is to integrate with 25+ banks and RBI-regulated institutes by the end of 2024… Most of our funding is also going towards securing more partnerships, both with banks and SaaS firms,” Jain said. Jain said the company will expand its offerings to all the products that are classified as fixed-income products.
Jain aims to broaden their offerings to include various fixed-income products. Matrix Partners India has increased its India-focused fund to $525 million.
“Stable Money is enabling 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 inflection point in India’s wealth story,” said Vikram Vaidyanathan, Managing Director, Matrix Partners India.
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