Fintech

Wealthtech Startup Stable Money Raises $15 Million in New Round

• ByStartupStory     |    July 22, 2024

Wealthtech startup Stable Money has successfully raised Rs 123 crore (approximately $15 million) in a new funding round. This significant investment comes from RTP Capital, Lightspeed India, and Matrix Partners, as per the company’s recent regulatory filing accessed from the Registrar of Companies (ROC). Stable Money’s achievement is particularly notable as it is among the few startups to secure two rounds of funding within a year, amid the so-called funding winter.

The board at Stable Money has approved a special resolution to issue 77,135 compulsorily convertible preference shares (CCPS) at a price of Rs 16,019 each, resulting in a total raise of Rs 123.56 crore ($14.74 million).

RTP Capital led the funding round with an investment of Rs 54.26 crore ($6.5 million), while Lightspeed India and Matrix Partners India each contributed Rs 34.64 crore ($4.15 million).

This new round follows Stable Money’s first equity fundraise in August 2023, where the company raised $5 million. The initial round was also led by Matrix Partners and Lightspeed, with additional participation from Titan Capital, Mar Shot Ventures, and a group of prominent angel investors.

According to startup data intelligence platform TheKredible, the post-money valuation of Stable Money is now estimated at around $55 million. This marks a significant increase from the $16.5 million valuation in the previous round, representing more than a three-fold jump.

Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is developing a fixed-return investment platform aimed at providing financial consultation services to investors. The platform also focuses on publishing financial literacy content to educate and create awareness among investors.

A number of wealthtech startups have been successful in securing substantial funding in the current year. Recently, Deserv raised $32 million in its Series B round led by Premji Invest, and in May, wealth management platform Wealthy secured $5.4 million in a new round led by Alpha Wave Incubation Fund.

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