Thursday, June 13, 2024
Outlook.com
Outlook India
Outlook Business

Stable Money Raises $5 Million From Matrix and Lightspeed: Report

Stable Money intends to use the fresh funds to scale its operations, spread financial awareness and other information technology-related services

Stable Money Raises $5 Million From Matrix and Lightspeed: Report
POSTED ON August 08, 2023 2:33 PM

Fintech startup, Stable Money, has raised $5 million in its first fundraising round, with investors Lightspeed and Matrix Partners leading the way. Based in Bengaluru, the company's goal is to help individuals grow their wealth over the long term by offering investment options that prioritise returns with safety and stability, Entracker reported.

The new funds will be used to expand Stable Money's operations, spread financial awareness and provide IT-related services. The company provides financial consultation services, including market analysis and listing out various securities, including financial products, to assist investors in making informed decisions. In addition, the company also offers financial literacy content on its online platform to create awareness among investors.

Stable Money was founded in late 2022, and since then, it has been working towards its mission of helping individuals invest in options that prioritise returns with safety and stability. The company's Employee Stock Option Plan (ESOP) pool, which was created following the funding round, reflects 10.24 per cent of its cap table and is worth nearly $1.7 million.

Lightspeed and Matrix Partners announced their India-dedicated funds in June and July of last year, and since then, they have been backing a number of start-ups in the region. Lightspeed has backed BlueLearn, GlobalFair and Exponent Energy, while Matrix has invested in Saveo, Murf AI, XimKart, ZippMat and others.

Stable Money's maiden fundraising round is a significant step forward in the company's mission to help individuals grow their wealth over the long term. The funds will be used to expand operations, spread financial awareness and provide IT-related services, while the company continues to offer investment options that prioritize returns with safety and stability. With the support of Lightspeed and Matrix Partners, Stable Money is poised for significant growth and success in the years to come.

  • Related Articles

    Newgen Gaming plans to use the proceeds to grow its offerings and to expand its team and operations throughout South Asia and the Middle East and North Africa regions

    nCore Games Invests $1 Million In Newgen Gaming

    The international expansion in SEA markets will be backed by Kapture CX’s robust technology tools and establishing strong teams in Thailand, Vietnam and Malaysia followed by other SEA countries

    Kapture Expands To South East Asia Markets, Continues Global Expansion Spree

    The Sanchiconnect's new initiative aims to bridge the gap between a company and the candidates through its CloudHR

    Sanchiconnect Introduces CloudHR, To Help Deep-Tech Businesses Hire Talent