Ishita Nigam
5 Sept 2023
Offering FDs from ₹1,000 on the app, Stable Money plans to integrate its app with 25 banks by the end of 2023.
Fixed Deposits are back. Says the new fintech startup, Stable Money. The Bengaluru-based venture started operations in 2022 and secured $5 million this August from Matrix, Lightspeed, Titan Capital, Mar Shot, Snapdeal founders, and Swiggy Co-founder Sriharsha Majety.
Harish Reddy and Saurabh Jain, Stable Money founders, believe FDs are the most stable product for building financial stability and businesses for the masses. They have tied with banks and NBFCs to offer FDs on the app on behalf of these institutions. Customers can create FDs from ₹1,000 on Stable Money.
In just 20 days of its launch, the startup claims to have received ₹10 crore worth of investments from over 20,000 customers. The founders plan to focus on getting organic traffic from social media and investment enthusiasts. They will expand to corporate, government, and sovereign gold bonds (SGBs) soon. Currently, Zerodha and Groww also offer FDs as part of their offerings.