The current startup funding graph is turning southward and amid such a scenario a Bengaluru-based wealthtech startup Stable Money has successfully secured a $15 million funding round. The fresh investment is noteworthy as it has challenged the so-called “funding winter” climate that has witnessed many startups struggling to secure investments.
Stable Money has rapidly emerged as a key player in the financial technology space. It has secured the latest round from notable investors RTP Capital, Lightspeed India and Matrix Partners. The startup has now raised a substantial Rs 123 crore (about $15 million). It demonstrates impressive investor confidence. RTP Capital led the round with Rs 54.26 crore ($6.5 million). Lightspeed India and Matrix Partners contributed Rs 34.64 crore ($4.15 million) each.
The last funding round was in August 2023. The startup then raised $5 million and it was led by Matrix Partners and Lightspeed. The company’s valuation has now surged from $16.5 million to about $55 million. It marks a significant growth journey.
Stable Money was founded by Saurabh Jain and Harish Reddy in 2022. It aims to revolutionize the wealthtech industry with its fixed-return investment platform. It is also committed to enhancing financial literacy through its online platform.
The ability of Stable Money to attract substantial investment during such a capital crisis period reflects a broader trend. Some of the wealthtech startups are thriving amid such a scenario. Deserv is one good example. It recently raised $32 million. Similarly, Wealthy secured $5.4 million earlier this year. The developments suggest that investors have strong interest in innovative financial solutions.
