Stack Finance, a Gurugram-based millennial finance platform, announced that it has raised seed funding from SOSV (an early-stage venture capital fund in the US) and MOX – its Mobile Only Accelerator, according to YourStory report. Financial details of the funding remain undisclosed.
Other investors that took part in the funding round include AngelList India and IIT Hyderabad Seed fund along with angel investors Rohit Chanana (former president of HeroCorp), Ajith Karimpana (Founder and CEO of Furlenco), Ujwal Boyalla (Director of Vedanshu Investments) and Rebalance angels.
The Company plans to utilise the seed capital to deepen its tech infrastructure and expand the team.
Founded in 2019 by Smriti Tomar, Stack Finance aims to reimagine personal finance for millennial by making it extremely automatic, personalized as well as affordable. Stack Finance enables healthier financial lifestyle by automating investments, expenses and borrowing under a single platform along with friends and family, with an AI powered intelligent and personalized manager.
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.
Smriti Tomar, Founder-CEO of Stack, 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.”
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.