Stable Money Raises USD 20 Mn Series B to Redefine Fixed-Income Wealthtech for Bharat
The Series B round was led by Nandan Nilekani's Fundamentum Partnership, with participation from Aditya Birla Ventures. Existing backers Z47, RTP Global, and Lightspeed also doubled down in the round.
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Bengaluru-based wealthtech platform Stable Money has raised USD 20 million (INR 173 crore) in a Series B round led by Nandan Nilekani's Fundamentum Partnership, with participation from Aditya Birla Ventures. Existing backers Z47, RTP Global, and Lightspeed also doubled down in the round.
The fresh capital will fuel product expansion, build out offline distribution, and scale Stable Money's fixed-income partner network, according to co-founder and CEO Saurabh Jain.
"We're building trust first, then expanding the wealth journey step by step," said Jain. "These products help customers move beyond FDs at their own pace."
Founded in 2022 by Saurabh Jain (former CEO of Navi Mutual Fund) and Harish Reddy, Stable Money began as a digital fixed deposit (FD) investment platform, targeting first-time wealth-tech users who prefer trust and predictability over risk. In early 2024, after securing a BSE OBPP license, the startup expanded to offer curated short-term corporate bonds, which now see 80% of uptake from FD users.
The platform has rapidly scaled, now claiming over INR 3,000 crore in assets under management (AUM) and serving 20 lakh customers. Its core differentiator: short-duration bonds — from 2 to 6 months — that offer users quicker investment cycles, same-day liquidity, and lifetime-free demat accounts.
Jain said the platform is now piloting debt and gold mutual funds, alongside a secured credit card backed by FDs, which already has 3,200+ customers in just one month — mostly from tier-II cities. "People in these towns have idle capital but lack access to wealth managers. We help bridge that gap," he noted.
Next up: loan-against-FD products launching in the next quarter, and a broader rollout of DIY-style investment baskets combining FDs, bonds, and mutual funds. Unlike advisory-heavy platforms, these baskets will be configuration templates users can self-manage.
With 10 partner banks and NBFCs live and 8 more in the pipeline, Stable Money is building a full-stack suite of safe, fixed-income products, especially for India's underbanked Bharat segment.
"With Saurabh and Harish at the helm, Stable Money is on its way to becoming a full-stack safety net for how India saves," said Mayank Kachhwaha of Fundamentum.
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