Wealthtech startup Stable Money has secured over Rs 123 crore (approximately $15 million) in a new funding round from RTP Capital, Lightspeed India, and Matrix Partners. The Bengaluru-based company is now among the few startups to have closed two funding rounds within a year, despite the so-called funding winter.
According to regulatory filings accessed from the Registrar of Companies (ROC), Stable Money’s board has passed a special resolution to issue 77,135 CCPS at a price of Rs 16,019 each, raising Rs 123.56 crore or $14.74 million.
RTP Capital led the round with 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 first equity fundraise led by Matrix Partners and Lightspeed, with participation from Titan Capital, Mar Shot Ventures, and several prominent angel investors.
According to startup data intelligence platform TheKredible, Stable Money’s post-money valuation will be around $55 million, marking a more than three-fold increase from its previous valuation of $16.5 million.
Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is developing a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content to raise awareness among investors.
Several wealthtech startups have managed to secure significant funding this year. Recently, Deserv raised $32 million in its Series B round led by Premji Invest.