Stable Money
Fixed deposit aggregation platform democratising safe investment access
💼 What does it do?
Digital platform that aggregates fixed deposits from multiple banks and NBFCs, allowing users to compare rates and invest without opening separate bank accounts. Recently expanded into bonds and FD-backed credit cards. Focuses on making traditionally complex fixed-income investments accessible through a user-friendly mobile app.
🧑🚀 About the founder(s)
ABOUT THEM
• Saurabh Jain (Co-CEO): Former CEO of Navi Mutual Fund and Swiggy expansion leader. IIT Bombay graduate with deep fintech and consumer product experience. Previously worked at Fractal Analytics.
• Harish Reddy (Co-CEO): IIT Bombay graduate with wealth product strategy expertise. Former product strategy lead at Estee Advisors with experience in building scalable tech platforms.
THE BACKSTORY
Two IIT Bombay alumni who noticed the disconnect between Indians' preference for safe investments and the complicated, fragmented process of accessing quality fixed deposits. Recognised that while equity platforms were abundant, fixed-income investments remained underserved despite being India's preferred asset class.
📊 Pricing and business model
Commission-based model earning from partner banks and NBFCs when users book FDs through their platform. No fees charged to customers - revenue comes from institutional partnerships rather than user subscriptions.
🚀 About this space
THE PROBLEM
Most Indians prefer fixed deposits for safety but struggle with:
• Fragmented banking relationships requiring multiple accounts
• Time-consuming offline processes
• Difficulty comparing rates across institutions
• Complex paperwork and KYC procedures
• Limited access to higher-yielding options from smaller banks
THE OPPORTUNITY
₹750 billion+ addressable market with 300+ million Indians seeking safe, fixed-return investments. India's household financial assets are dominated by low-yielding traditional FDs, creating opportunity for digital aggregation and better rate discovery.
ℹ️ Growthbuddy insights
INSIGHT #1
Digital-first approach to traditional preferences: While most fintech focuses on pushing Indians toward equities and mutual funds, Stable Money recognised that FDs remain the preferred choice for risk-averse investors. They're digitising this preference rather than fighting it.
INSIGHT #2
Aggregation model with direct bank relationships: Unlike traditional FD booking that requires multiple bank relationships, Stable Money's platform provides access to rates from various institutions through a single interface, similar to how travel booking sites work for hotels.
INSIGHT #3
Timing advantage with interest rate cycle: Launched during a period of rising interest rates when FD returns hit multi-year highs (up to 9.1%), making their value proposition particularly compelling for safety-focused investors.
💛 Their culture
• Customer-obsessed team that talks to users daily - handling 700+ customer calls per day including founders directly engaging with users.
• Fast-paced, execution-focused environment where team members wear multiple hats.
• Values transparency (CEO does public AMAs) and believes in building for the long term rather than chasing trends.
• Mixed customer reviews: While many users praise the convenience and rate comparison features, some report issues with KYC video calls failing and withdrawal delays. Several Reddit and app store reviews mention good rates but occasional customer service challenges.
• Employee feedback limited: Glassdoor shows mixed reviews with mentions of fast-paced environment and growth opportunities, but some concerns about work-life balance during rapid scaling phase.
ℹ️ Career intel
GREEN FLAGS
• Strong product-market fit: 15+ lakh users in under 3 years indicates genuine demand
• Experienced founding team: Both founders have relevant fintech and scaling experience
• Quality investor backing: Matrix Partners and Lightspeed are tier-1 VCs with strong track records
• Regulatory compliance: DICGC insurance and proper banking partnerships provide safety
• Real customer value: Users genuinely save time and get better rates through the platform
POTENTIAL CONCERNS
• Limited bank partnerships: Currently works with smaller banks and NBFCs rather than major public sector banks
• KYC process challenges: Video KYC failures reported by some users, creating onboarding friction
• Platform dependency: Users become reliant on Stable Money for FD management, creating switching costs
• Regulatory risks: Any changes in FD regulations or aggregation rules could impact business model
WHY NOW
India's fixed deposit market is undergoing digitalisation, and Stable Money is the clear early leader. With rising interest rates making FDs attractive again and growing comfort with digital financial services, the timing is ideal to join a category-defining company before larger competitors enter.
📝 Interview guidance
Show understanding of:
• Difference between building for institutional vs retail customers
• Challenges of partnering with traditional banks vs fintech-native approaches
• Regulatory complexity in financial services
• Why Indians prefer fixed deposits over other investments
Questions to ask:
• How do you balance growth with the conservative nature of your target audience?
• What's the biggest technical challenge in integrating with multiple bank systems?
• How do you see competition evolving as larger players notice this space?
⚡️ Fast facts
FUNDING
$40.2M across multiple rounds:
• $5M seed (2023) led by Matrix Partners India and Lightspeed
• $15M Series A (2024) led by RTP Global
• Recent $20M Series B discussions with Fundamentum Partnership
INVESTORS
Matrix Partners India, Lightspeed, RTP Global, Z47, Titan Capital, Mars Shot Ventures, plus prominent angels including Snapdeal co-founders Kunal Bahl & Rohit Bansal, Swiggy's Harsha Majety
THE NUMBERS
• 15+ lakh users across 2,600+ cities
• ₹1,090 crore current valuation
• 4.7/5 rating on app stores
• ₹5 lakh DICGC insurance coverage
• Partnerships with 15+ banks and NBFCs
🔎 Overview
WEBSITE
FOUNDING YEAR
2022
INDUSTRY TAGS
B2B, Fintech, Financial Services
HEADQUARTERS
Bengaluru, India
TEAM SIZE
51-100
COMPANY MISSION
Building India's most trusted wealth tech platform, focusing on fixed-income investments that prioritise safety and stability over short-term trends