Bengaluru-based millennial finance platform Stack Finance has raised an undisclosed seed round from SOSV (an early-stage venture capital fund in the US) and MOX - its Mobile Only Accelerator.
The round also saw participation from AngelList India and IIIT Hyderabad Seed fund along with prominent angel investors including Rohit Chanana (former president of HeroCorp), Ajith Karimpana (Founder and CEO of Furlenco), Ujwal Boyalla (Director of Vedanshu Investments) and others.
Stack Finance plans to utilise the seed capital to deepen its tech infrastructure and expand the team.
Smriti Tomar, Founder and CEO, Stack Finance
Founded by IIM-Lucknow grad Smriti Tomar in April 2019, Stack Finance claims to be India's first "social banking platform" built for the mobile generation.
It enables them to lead healthier financial lives by automating their investments and savings through an AI-led personalised, value-based money manager experience. Stack's mission is to help millennials save efficiently, end their overspending cycle, and develop financial IQ.
William Bao Bean, General Partner at SOSV, Managing Director of MOX, stated,
“Beyond financial security, Stack is enabling millions of young Indians to explore elevated lifestyles while planning for their future. We’re proud to back Smriti and the team as they innovate personal finance in India."
Photo: Stack Finance website
Besides Founder-CEO Smriti, Stack's founding team also includes Vidit Varshney (COO) and Yashwardhan Pauranik (CPO). The team aims to make personal finance accessible and affordable for 440 million millennials in India.
Although the startup is in beta, it claims that it is witnessing a strong demand for its product from millennials and has seen high engagement and retention amongst its followers. The product is expected to go live in Q3’20.
Founder-CEO Smriti said in a statement, “People work really hard for money to fulfil their goals, but being able to manage that money should not be a luxury. It’s essential and more so for millennials so they can be on right financial track early on. However, India currently has the biggest missing link here, there is not a single platform that gives a personalised and intelligent approach to personal finance. We aim to empower these millennials to achieve financial security and freedom.”
(Edited by Teja Lele Desai)
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Link : https://yourstory.com/2020/08/funding-fintech-startup-stack-finance-seed-capital-sosv-angellist
Author :- Sohini Mitter ( )
August 18, 2020 at 10:51AM
YourStory