ⓘ Featured image: Smriti Tomar, Founder & CEO of Stack Finance
Bengaluru’s millennial-focused finance platform Stack Finance has recently closed a seed funding round of undisclosed sum led by SOSV, and its accelerator arm MOX (Mobile Only Accelerator), with participation from AngelList India and IIIT Hyderabad Seed Fund, Rebalance Angels, angel investors Rohit Chanana (former president of HeroCorp), Ajith Karimpana (Founder & CEO of Furlenco), and Ujwal Boyalla (Director of Vedanshu Investments)
The company is planning to deploy the funds towards deepening its tech infrastructure and expand the team.
Founded by Smriti Tomar (CEO), Vidit Varshney (COO) and Yashwardhan Pauranik (CPO) in April 2019, Stack Finance offers an AI-powered intelligent and personalised manager through its mobile app that enables a healthier financial lifestyle by automating investments, expenses, and borrowing with friends and family.
Commenting on the investment round for Stack Finance, William Bao Bean, General Partner at SOSV and Managing Director of MOX in a statement said,
“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.”
The startup is in its beta stage right now but it claims to be witnessing a strong demand for its product from millennials and also high engagement and retention amongst its followers.
Speaking of the core-cognition behind Stack Finance, Smriti Tomar said,
“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.”