Bengaluru’s Stable Money Raises $45M as Fixed-Income Fintech Gains Momentum

India’s digital savings ecosystem is entering a new phase of institutional maturity. After years dominated by payments, lending, and stock trading apps, investor attention is increasingly shifting toward fixed-income innovation and yield-focused platforms. With household financial savings in India estimated at over $1 trillion and a growing middle class seeking alternatives to volatile equity markets, fixed-return products are seeing renewed demand. According to industry data, India’s fixed-income market—including bank deposits, bonds, and debt mutual funds—remains one of the largest components of household wealth allocation, yet remains relatively under-digitized.

At the same time, venture capital activity in fintech has stabilized after the post-2021 correction. While funding volumes declined sharply in 2023, 2024 and early 2025 have shown selective but confident capital deployment into companies with clear revenue visibility and regulatory alignment. Investors are now favoring businesses with sustainable margins over rapid customer acquisition. Within this backdrop, Bengaluru-based Stable Money has secured $45 million in fresh capital, signaling that yield aggregation and fixed-income infrastructure are emerging as the next frontier in India’s fintech evolution.

Market Context

India’s fintech sector has matured beyond its payments-first wave. Platforms such as PhonePe and Paytm built scale through digital transactions, while brokerage apps like Zerodha expanded retail equity participation. However, the volatility in equity markets over the past two years has pushed many retail investors to rebalance portfolios toward stable returns.

Bank fixed deposits (FDs) continue to account for a significant portion of Indian household savings, estimated at more than ₹180 trillion. Yet deposit rate transparency, cross-bank comparisons, and digital access remain fragmented. Meanwhile, small finance banks and non-banking financial companies (NBFCs) often offer higher interest rates but lack nationwide distribution reach.

Globally, fixed-income fintech platforms have attracted growing capital as investors seek predictable revenue models. In the United States, yield-focused digital platforms have gained traction amid rising interest rates, while in Europe, savings marketplaces have scaled through embedded finance partnerships.

The investor landscape has also shifted. After a period of aggressive growth capital, funds are now prioritizing capital-efficient models with regulatory clarity. Bengaluru, already home to major fintech and SaaS firms, is increasingly positioning itself as India’s fixed-income fintech hub. Stable Money’s latest funding round reflects this broader structural shift.

The Funding Announcement

Stable Money has secured $45 million in a fresh funding round led by Fundamentum and Lightspeed Venture Partners, alongside participation from six additional investors. The company did not publicly disclose its valuation, but market estimates suggest a significant step-up from its previous round, reflecting strong early traction and revenue momentum.

Founded in Bengaluru, Stable Money operates as a digital platform that enables retail investors to discover and invest in fixed-income products, particularly bank fixed deposits across multiple institutions. The company positions itself as an aggregator that simplifies deposit discovery, rate comparison, and account opening through a unified digital interface.

This round follows earlier seed and early-stage backing from marquee fintech-focused investors. The participation of Fundamentum—co-founded by Nandan Nilekani—signals confidence in the platform’s infrastructure-led approach. Lightspeed’s continued focus on fintech also underscores investor belief in long-term digital savings adoption in India.

Investors appear to be backing three core strengths: regulatory alignment, early revenue visibility, and structural demand for fixed returns in a high-interest-rate environment. Unlike high-burn lending models, Stable Money’s business generates commission-based revenue from partner institutions, providing predictable cash flow without taking credit risk onto its own balance sheet.

The company plans to deploy the new capital toward product expansion, deeper bank partnerships, and customer acquisition in Tier-2 and Tier-3 cities, where fixed deposit penetration remains strong but digital access is limited.

Business Model Deep Dive

Stable Money operates a marketplace model for fixed-income instruments. Its primary revenue stream comes from commissions paid by partner banks and financial institutions for facilitating fixed deposit placements. Because it does not lend directly or underwrite credit, the company avoids balance sheet risk, differentiating itself from many fintech lenders.

The platform allows users to compare FD rates across banks, complete digital KYC, and invest without visiting a branch. In some cases, it also enables premature withdrawal management and consolidated portfolio tracking. This approach targets retail investors seeking predictable returns, retirees, and conservative savers who prefer capital preservation over aggressive growth.

The company’s competitive advantage lies in aggregation and trust. By onboarding multiple regulated banks, including small finance banks that offer higher interest rates, Stable Money provides rate discovery in a traditionally opaque segment. Its technology stack integrates banking APIs, identity verification systems, and compliance workflows, enabling seamless onboarding.

Unlike stockbroking apps that depend on trading volumes, Stable Money’s revenue is tied to deposit volume and tenure. This model provides greater stability during equity market downturns. The platform’s emphasis on regulatory compliance and partnerships also reduces operational risk.

Another differentiator is educational positioning. Fixed-income literacy in India remains low compared to equity awareness. By simplifying jargon and highlighting risk categories, the platform attempts to broaden access to safer yield products.

If the company expands into adjacent products such as bonds or treasury-backed instruments, it could evolve into a broader fixed-income infrastructure layer rather than a single-product marketplace.

Competitive Landscape

Stable Money operates in a competitive but underpenetrated space. Domestic competitors include fintech platforms that aggregate deposits and debt instruments, as well as established wealth-tech players expanding into fixed income.

For instance, some wealth management apps that began with equity and mutual funds are adding bond marketplaces. Meanwhile, traditional banks continue to rely on their own digital apps, limiting cross-bank comparisons.

Internationally, savings marketplaces in Europe have scaled rapidly by offering cross-border deposit products. In the United States, platforms providing access to treasury bills and high-yield savings accounts have gained traction amid rising Federal Reserve rates.

India’s regulatory environment differs significantly from Western markets. Deposit insurance frameworks, bank partnerships, and RBI oversight create unique structural barriers. Stable Money’s India-first model aligns closely with domestic banking regulations.

Compared with broader investment apps, the company positions itself as a “stable returns” platform rather than a trading interface. This narrower focus could either limit growth or create strong brand differentiation in a volatile macroeconomic environment.

Regional comparison suggests that India’s fixed-income digitization is still at an early stage relative to the US and parts of Europe. That leaves substantial headroom for growth if customer acquisition costs remain sustainable.

Strategic Implications

The $45 million funding round signals renewed investor confidence in fintech models built around infrastructure and distribution rather than balance-sheet risk. In a post-correction venture market, capital is flowing toward companies that demonstrate monetization clarity and regulatory compliance.

For India’s broader economy, the rise of digital fixed-income platforms could improve capital allocation efficiency. By channeling deposits toward smaller banks offering competitive rates, such platforms may enhance liquidity distribution across the banking system.

The funding also reflects a shift in investor behavior. Venture firms are increasingly favoring capital-efficient fintech plays over high-burn consumer lending startups. This trend mirrors global patterns, where profitability and predictable revenue are replacing growth-at-all-costs narratives.

If Stable Money succeeds in scaling responsibly, it could accelerate formal financial inclusion by bringing digitally underserved savers into regulated products. Over time, this may deepen India’s domestic savings ecosystem and reduce overdependence on equity-led retail participation.

For Bengaluru’s fintech ecosystem, the deal reinforces the city’s status as a hub not just for payments and SaaS, but also for next-generation financial infrastructure.

The broader message is clear: as interest rates stabilize and retail investors seek security, fixed-income fintech platforms are emerging as a durable category within India’s startup economy.