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 Rebalance angels.
Stack Finance plans to utilise the seed capital to deepen its tech infrastructure and expand the team.
Founded by Smriti Tomar in April 2019, Stack Finance enables a healthier financial lifestyle by automating investments, expenses, and borrowing under a single platform along with friends and family, with an AI-powered intelligent and personalised manager. The platform helps people to save, meet bills, end the overspending cycle and develop financial IQ, right at their fingertips.
William Bao Bean, General Partner at SOSV and 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.”
Stack’s founding team also includes Vidit Varshney (COO) and Yashwardhan Pauranik (CPO). 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.
Stack provides a one-stop solution to track, manage and grow your money. 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 a basic essential and more so for the millennials so they can be on right financial track from the earliest. 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 at Stack aim to empower these 440 million millennials (who contribute to 70 percent of the household income) to achieve financial security and freedom.”