Stable Money Raises $20m Funding
Bengaluru-based wealthtech startup Stable Money just closed a $20 million Series B funding round, led by Nandan Nilekani’s Fundamentum Partnership, with Aditya Birla Ventures joining as a new investor. Existing backers Z47, RTP Global, and Lightspeed also chipped in. This comes hot on the heels of their $15 million Series A less than a year ago, showing strong momentum for the company founded in 2022 by Saurabh Jain and Harish Reddy.
The fresh funds will fuel Stable Money’s push to roll out new products, grow its offline presence, and strengthen ties with fixed-income partners.
“We’re testing debt and gold mutual funds, as well as loans against fixed deposits,” said Jain, the CEO and former head of Navi Mutual Fund. “We’ve already launched short-term corporate bonds and secured credit cards to help our customers ease into wealth-building beyond traditional fixed deposits.”
Stable Money started as a platform for digital fixed deposits and later added bonds after securing a BSE Online Bond Platform Provider license in early 2024. “Our users, especially first-time investors, value predictability and trust,” Jain explained. “Most of our bond investors—80%—come from our existing FD customers. Since launching bonds in October, we’ve doubled our assets under management every month.”
The company’s focus is on short-term bonds—two, three, or six months—so users can quickly see returns and build confidence. To make things even easier, Stable Money offers same-day liquidity and free demat accounts for bond investors.
Branching Out to Mutual Funds and More
With the new funding, Stable Money is dipping its toes into mutual funds, starting with debt, arbitrage, liquid, and gold funds.
Saurabh jain shared plans to create “DIY-style baskets” that combine FDs, bonds, and mutual funds, letting users customize their investments without heavy-handed recommendations. “We’re not about pushing products,” he said. “We want users to feel in control.”
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The company is also targeting tier-2 cities, where people often have money sitting idle in savings accounts but lack access to wealth management. To bridge this gap, Stable Money is building small, local teams to meet customers face-to-face and explain their offerings. “It’s about building trust,” Jain said. “We’re also seeing strong demand for our FD-backed secured credit cards, especially in these cities where access to credit is limited. We’ve issued over 3,200 cards in just a month.”
Next on the horizon is a loan-against-FD product, expected to launch within three months. Stable Money currently partners with 10 banks and NBFCs, with plans to add eight more by June 2026.
Aiming for Middle India
Stable Money has grown to manage over Rs 3,000 crore in assets and serves more than 20 lakh customers. Jain sees a shift in how people approach money management, with more Indians using tech to invest rather than letting savings sit idle. “We’re not just competing with other wealthtech platforms,” he said. “Our real competition is the traditional advisor, like the LIC agent visiting homes in smaller towns. We’re building a digital experience that feels just as trustworthy.”
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Investors are optimistic about Stable Money’s trajectory. Mayank Kachhwaha from Fundamentum noted the company’s rapid growth, with a 40% increase in AUM over the last three months. Vikram Vaidyanathan of Z47 highlighted the shift toward long-term wealth-building among Indian investors, with Stable Money leading the charge in fixed-income products. Aditya Birla Ventures’ Aryaman Vikram Birla sees the platform as a key player in serving the financial needs of “Middle India.”
To support its expansion, Stable Money is bolstering its leadership team, with some senior hires already in place and more roles to fill.
With a clear focus on trust, simplicity, and reaching underserved markets, Stable Money is carving out a unique space in India’s wealthtech scene. Keep an eye on them as they continue to grow.
Source – Money Control
