Indian WealthTech Stable Money Raises $20mm at a $130mm Valuation
- Kendrick Wakeman, CFA
- 3 minutes ago
- 1 min read
Bengaluru-based WealthTech Stable Money has raised $20 million in a Series B round led by The Fundamentum Partnership Fund, a first-time investor. They were joined by existing investors Matrix Partners, RTP Global. and Lightspeed India. Naman Finance was also a new investor. The round was valued at $130 million post-money, up from $55 million last summer and $16.5 million the summer before that. Not too shabby.
Stable Money is a platform that allows individual investors to choose from CDs (known as FDs in India) from a variety of banks. This allows for some rate shopping and insurance splaying. Similar to brokered CDs here in the US.
The main take-away is that this is just another example of the strength of the direct-to-consumer WealthTech market in India. Just last week we saw Thundr raise $15.7 million and the Groww/Fisdom merger for $150 million. It seems that things are really heating up in Bengaluru, figuratively speaking and probably literally too.