Wealthtech startup Stable Money has successfully raised over Rs 123 crore (approximately $15 million) in a fresh funding round. The investment comes from prominent investors RTP Capital, Lightspeed India, and Matrix Partners. This achievement places the Bengaluru-based company among the select few startups to secure two funding rounds within a year, a notable feat amid the so-called funding winter.
According to regulatory filings accessed from the Registrar of Companies (ROC), the board at Stable Money has passed a special resolution to issue 77,135 Compulsorily Convertible Preference Shares (CCPS) for Rs 16,019 each, totalling Rs 123.56 crore or $14.74 million.
RTP Capital led the 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).
In August 2023, Stable Money raised $5 million in its initial equity fundraising, which was led by Matrix Partners and Lightspeed. The round also saw participation from Titan Capital, Mar Shot Ventures, and several notable angel investors.
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money aims to build a fixed-return investment platform that offers financial consultation services to investors. Additionally, the platform will publish financial literacy content online to enhance investor awareness.
Despite the challenging funding environment, several wealth tech startups have managed to secure significant investments this year. For instance, Deserv recently raised $32 million in its Series B round led by Premji Invest, while Wealthy, a wealth management platform, secured $5.4 million in a new round led by Alpha Wave Incubation Fund in May.
Stable Money’s latest funding round highlights the growing interest and confidence in wealth tech solutions, which are becoming increasingly crucial in today’s financial landscape.
