Bengaluru-based wealthtech startup Stable Money has secured Rs 123.56 crore in a Series A funding round. The investment was led by Cyprus-based RTP Capital, with participation from existing backers Lightspeed India and Matrix Partners.
This marks the company’s second significant fundraising within a year. In August 2023, Stable Money raised $5 million in a Series A round led by Matrix Partners and Lightspeed India.
Focus on Stable Investments
Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money aims to provide investors with reliable fixed-income investment opportunities. The startup claims to offer a competitive interest rate of 9.10% on fixed deposits, attracting a growing customer base.
With the fresh infusion of capital, Stable Money plans to expand its product offerings and strengthen its market position. The company is also gearing up to launch a secured credit card by January 2025.
Investor Confidence
The participation of prominent investors like RTP Capital, Lightspeed India, and Matrix Partners underscores the strong belief in Stable Money’s business model and growth potential. This funding round positions the startup for accelerated expansion and innovation.
Breaking Down the Investment
The funding was raised through the issuance of 77,135 Series A Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 16,019 each.
- RTP Capital: Led the round with an investment of Rs 54.26 crore.
- Lightspeed India: Participated with an investment of Rs 34.64 crore.
- Matrix Partners: Invested Rs 32.58 crore.
As the wealth management sector continues to evolve, Stable Money’s focus on providing stable and attractive investment options has resonated with investors. With this new funding, the company is well-positioned to capitalize on the growing demand for reliable fixed-income investment solutions.
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