Startup Funding News: Fixed deposit platform Stable Money on Tuesday announced raising $5 million in a seed funding round led by VC firm Matrix Partners and Lightspeed. The round saw the participation of other investors including Titan Capital, Mar Shot Ventures, and angel investors such as Kunal Bahl and Rohit Bansal (Co-founders of Snapdeal), Harsha Majety (Co-founder and CEO Swiggy), Sandeep Tyagi (Chairman and MD, Estee Advisors), Abhishek Goyal (Co-founder of Tracxn), Madhusudan (Co-founder M2P Fintech), Ramakant Sharma (Founder of Livspace), and Revant Bhate (CEO of Mosaic Wellness).
Stable Money said the company plans to utilise the funding to hire senior management, and financial partnerships, build technology and develop a user-friendly mobile application for diversified fixed-return investment opportunities.
Saurabh Jain and Harish Reddy, Co-founders of Stable Money, said, “While equities and mutual funds are readily available on various platforms, we recognize the lack of opportunities for Fixed return products. 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.”
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Stable Money provides individuals with fixed-income investment opportunities, offering access to FDs, debt mutual funds and bonds, along with a range of low-risk asset classes. The platform explores FD interest rates from over 200 banks to allow customers to manage and track their FDs using digital tools. The investments begin from Rs 1,000 without the need for any new bank account.
The company is looking to partner with over 10 banks by the end of 2023 and more than 25 banks and RBI-regulated institutes by the end of the next year.
“Wealth tech is now a “pull” category for Indians with Indians trusting online platforms with their hard-earned savings. 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,” said Vikram Vaidyanathan, Managing Director, Matrix Partners India.