Bengaluru-based wealthtech startup Stable Money has secured $20 million (approximately ₹173 crore) in a Series B funding round, led by Nandan Nilekani’s Fundamentum Partnership, with additional backing from Aditya Birla Ventures.

Current investors Z47, RTP Global, and Lightspeed also took part in the round.

This fresh capital — raised less than a year after its $15 million Series A round — will support the development of new products, the expansion of its distribution network (including offline sales), and the strengthening of its fixed-income partner ecosystem.

“We are experimenting with debt and gold mutual funds and loan against fixed deposits. Pilots are on. We have already launched curated short-term bonds and secured credit cards,” said Saurabh Jain, co-founder and CEO of Stable Money said. “These products help our customers move beyond FDs at their own pace — we’re building trust first, then expanding their wealth journey step by step.”

“And now we’re building other products on top of that comfort.” Per Jain, 80 percent of its customers availing these “curated” corporate bonds come from existing FD customers while the rest are new.

“We launched these (bonds) in October and have been growing, doubling our AUM every month,” Jain said.

The key differentiator, Jain noted, is the focus on short-term bonds. “People are trying with smaller amounts and then slowly scaling to bigger amounts,” he said. “We are offering two-month, three-month, six-month bonds — so they’re able to see the full cycle quickly.”

To enhance accessibility, Stable Money is now providing same-day liquidity and lifetime-free demat accounts for investors in bonds.

The fresh capital will also support pilot initiatives in adjacent wealth products. “We’ll start with debt mutual funds, arbitrage funds, liquid funds, and gold mutual funds— there are mutual funds beyond equity which we want to offer,” Jain said.

Jain added that the platform will eventually offer curated “DIY-style baskets” combining FDs, bonds, and mutual funds. “So far it’s very DIY — you come, you choose your FD or bond and go ahead,” he explained. “Now with mutual funds, we’re trying to create baskets. But we won’t do it like a Smallcase or offer recommendations — it will still be configuration templates that users control.”

While most fintech players chase digitally savvy urban users, Stable Money is focusing on tier-2 towns. “People in these cities have capital — often lying idle in savings accounts or cash — but not access to wealth managers,” said Jain. “They understand FDs, but not digital wealth. That’s where we come in.”

To build trust and drive adoption, the company is planning a physical distribution channel.

“We are trying to set up a very small two-three member team across different cities,” Jain said. “They’ll go talk to customers, explain our products, help them onboard.”

The company has also introduced a secured credit card backed by FDs — particularly useful for users without credit history. “We’ve already sold more than 3,200 cards, and it’s been only a month,” Jain said, adding that traction has been strongest in tier-2 cities. “These customers don’t get unsecured credit cards easily. An FD-backed card makes a lot more sense there.”

Next up, says Jain, is loan-against-FD products within the next quarter. “It will take another three months to go live,” he added.

Currently, the platform has 10 partner banks and NBFCs live, with eight more in the pipeline. “By next June, you should see 18,” Jain said.

Stable Money claims to have more than Rs 3,000 crore in assets under management and over 20 lakh customers. “There is a visible shift in mindset,” Jain said. “People are more open to using tech to manage their money. They’re moving money from savings accounts into investment products.”

Jain believes the company’s real competition isn’t other wealthtech platforms. “Our real competition today is still the LIC agent — the traditional advisor who visits homes in small towns,” he said. “We’re building a digital-first yet trust-led experience that speaks to that audience.”

Mayank Kachhwaha, Principal at Fundamentum, said in a statement: “They’ve blitzscaled from zero to Rs 3,000 crore in AUM and have demonstrated 40% growth in the last three months. With Saurabh and Harish at the helm, Stable Money is well on its way to becoming a full-stack safety net for how India saves.”

Z47’s Vikram Vaidyanathan added, “We are seeing a generational shift in how Indians approach wealth, with a cohort of investors prioritizing long-term compounding of savings over short-term gains. Stable Money has built deep-trust on fixed income products and rapidly emerged as market leaders in a category of the future.”

Aryaman Vikram Birla, Founder, Aditya Birla Ventures said the platform is “well-positioned to serve the evolving financial aspirations of rising ‘Middle India’.”

The fintech firm is expanding its leadership team, having hired senior talent across product and business. “Some key roles are hired, and some are still open,” Jain confirmed.

With its latest funding and investor-friendly features like same-day liquidity and free demat accounts, Stable Money is reinforcing its position in the wealthtech space. The company is actively expanding its product offerings and distribution network to make fixed-income investments more accessible to retail investors, positioning itself for rapid growth.