India’s first Fixed-Return Investment Platform, Stable Money, raised $5 Million in a seed round led by Matrix Partners India and Lightspeed, with participation from Titan Capital, Mar Shot Ventures, and prominent angel investors. The funds will be used to bolster senior leadership hiring, forge financial partnerships, build technology, and develop a user-friendly mobile app for diversified fixed-return investment opportunities.
The round saw participation from renowned angel investors, including Kunal Bahl & Rohit Bansal (Co-Founders, Snapdeal), Harsha Majety (Co-founder and CEO of Swiggy), Sandeep Tyagi (Chairman & MD of Estee Advisors), Abhishek Goyal (Co-Founder of Tracxn), Madhusudanan (Co-founder of M2P Fintech), Ramakant Sharma (Founder of Livspace), and Revant Bhate (CEO of Mosaic Wellness).
Stable Money aims to democratize fixed return asset investments for retail investors, offering access to Fixed Deposits, Debt Mutual Funds, and bonds, along with low-risk asset classes that deliver inflation-beating results to enhance their financial prospects. With approximately 70% of Indian household savings (with around 45% in FDs) in traditional fixed return assets, Stable Money aims to revamp and bridge the gap with innovation and technological transparency.
The company offers access to high-interest rates in safe assets and aims to address the needs of over 300 million Indians seeking attractive low-risk returns. With investments starting as low as Rs 1000 and no need for new bank accounts, Stable Money makes it inclusive and convenient for investors of all backgrounds to participate.
Stable Money is actively forging partnerships to establish deep collaborations with over 10 banks by the end of 2023. The goal is to integrate with 25+ banks and RBI regulated institutes by the end of 2024, ensuring that investors receive their investment receipts directly from trusted partner banks and NBFCs upon booking, adding an extra layer of transparency and reliability to the investment process.
With the funds, Stable Money will develop a user-friendly mobile app for both iOS and Android, empowering users to effortlessly book FDs, explore diverse debt products, and gain access to premium, well-diversified fixed-return investment opportunities.
Commenting on the funding and the platform’s vision, Saurabh Jain and Harish Reddy, Co-founders of Stable Money, stated, “We aim to revolutionize India’s preferred asset class by reinventing Fixed Deposits. While equities and mutual funds are readily available on various platforms, we recognize the lack of opportunities for Fixed return products. Fixed Deposits have long been the top choice due to their safety from market volatility, simplicity, and rising interest rates. At Stable Money, our mission is to provide a secure portfolio that acts as a financial safety net during challenging times for Indian investors, offering safe investment options. Our journey begins with Fixed Deposits, where we bring the advantage of the current five-year high interest rates”.
Vikram Vaidyanathan, Managing Director, Matrix Partners India, shared – “Wealth tech is now a “pull” category for Indians with Indians trusting online platforms with their hard earned savings. As the Indian GDP explodes and the middle-income segment prospers, there is a need for tech-first wealth platforms but many will start with products that are familiar to them. Stable Money is enabling these retail investors to access a range of wealth products starting with stable fixed-income products like FDs ensuring a seamless experience. We believe we are at an inflexion point in India’s wealth story and are excited to partner with Harish, Saurabh, the Stable Money team, as they build a truly world-class fintech organization!”
While initially offering Fixed Deposits, the platform is planning to expand its services to include Mutual Fund products and Bonds in the near future.