Stable Money, a wealth tech startup in India, has amassed $20 million in a series B funding round, led by The Fundamentum Partnership Fund. Separately, OpenFX, a next-generation financial infrastructure company, has amassed as much as $23 million in a seed round.
Stable Money raises $20m in a Series B round
Stable Money, a wealth tech startup in India, has amassed Rs 173 crore ($20 million) in a series B funding, led by The Fundamentum Partnership Fund, per a report by Tech in Asia. The round also saw the participation of Matrix Partners, RTP Global, Lightspeed India, and Naman Finance.
While The Fundamentum Partnership Fund is said to have pumped Rs 86.5 crore ($10 million), the remaining amount came from the other backers.
The company plans to use the funding for capital expenditure and to spruce up marketing, besides general corporate purposes. The investment has pegged the valuation of Stable Money at about $130 million, the report further added.
OpenFX raises $23m seed round
OpenFX, a next-generation financial infrastructure company that aims to overhaul the global foreign exchange (FX) market, has amassed as much as $23 million in a seed round, per media reports.
The funding is said to have been led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.
While OpenFX plans to use a part of the corpus to expand into markets such as Latin America, besides countries in Asia, it also plans to use some capital to launch treasury management products and scale its regulatory footprint.
The startup’s leadership team features seasoned professionals with backgrounds at companies like PayPal, Slack, Affirm, Kraken, and leading global banks, including JP Morgan, Goldman Sachs, and Citi.
The company has a headcount of over 40 people spread across offices in the US, UK, UAE, and India.
