SucSEED Indovation Fund backs Stack !!
With the seed round, Stack enables opportunity for providing the best investing experience to everyday investors.
Stack, a fintech based investment platform aims to allow millennials and GenZ to invest for their life goals and to help them achieve financial independence, while educating them about smart investing. Stack, has secured an undisclosed amount from Hyderabad headquartered SucSEED Indovation Fund and other marquee angel investors such as Kunal Shah, CEO of CRED, as part of top up funding round.
Stack graduated from Y-combinator in 2021 and has secured $4.5M in investments from global VCs including Goodwater Capital, Uncommon Capital, Harvard Management and Earlsfield Capital alongwith many other known global Angels including Paul Desmarais III (Portage Ventures), Michael Katchen (WealthSimple) and Immad (Mercury Bank).
Stack is bringing investing on autopilot experience for everyday investors. Choosing and managing one’s own investments can be hard, but Stack makes investing extremely easy and simple so that everyone can become an ‘expert investor’. In just 5 mins Stack builds a custom plan for users, keeping their risk appetite and goals in mind, to make a fully balanced globally diversified portfolio which is automatically rebalanced and adjusted over the time.
Stack app builds a range of investment strategies with globally diversified portfolios for different types of user personalities according to their risk appetite. Users just have to answer a few quick questions, and it suggest a suitable investment portfolio by applying a Nobel Prize winning algorithm and AI driven portfolio allocation strategy known as “Smart Stack Approach”.
Founded by Smriti Tomar, Tushar Vyas, Vidit Varshney and Yashwardhan Pauranik, Stack boasts of 100,000+ users since its launch 6 months ago. With 55% first time investors coming from tier 2–3 cities under the age of 30, Stack is already creating a positive impact in the Indian financial landscape. Users on Stack have created goals worth $100M already, and it’s witnessing 100% MoM growth.
Stack cuts out the noise and focuses on building sustainable long-term savings for its users. Stack lets beginners and busy professionals invest on their terms without having to worry about monitoring the market. In just 5 mins, Stack builds a custom low cost diversified portfolio for users, made by experts, keeping their risk appetite and goals in mind, to make a fully balanced globally diversified portfolio, which is rebalanced regularly to maintain an optimal level of risk.
Moreover, Stack has also launched India’s first stock and crypto backed rewards program for its users every time they make good financial decisions and to give them a boost in their investing journey. Stack is targeting to bring financial independence to 1M Indians by the end of this year. Users on Stack have created more than 3 lakh goals and interestingly the most common being for vacation/trip.
Tushar Vyas, the co-founder and CBO of Stack said — “We would further build on users’ goal preferences to create special and personalized offerings for our users”
Smriti Tomar, the co-founder and CEO of Stack said, “Thousands of people already use Stack to grow their money and build a better future. We are on a mission to help everyone achieve financial freedom, no matter who they are or how much they have. And we have just started this revolution, there are many more exciting offerings coming up on the app which the entire team is excited about!”
Speaking on investing in Stack, Vikrant Varshney, Co-Founder & Managing Partner of SucSEED Indovation Fund said, “We backed Stack even before it was selected for Y-Combinator (YC) in 2021 and have seen amazing growth since then. We believe Stack is bringing an unique and disruptive proposition
in the fintech space and it’s great to see many known Indian and Global investors backing Stack and its team.”
He further added that “Stack Finance helps simplify investing for Young India. India is home to almost one-fifth of the world population and has a literacy rate of nearly 80%; yet only 24% are financially literate. With a Total Addressable Market (TAM) of 620Mn, as population in the age bracket of (18–35Y); SAM of 180Mn in Tier I & Tier II Cities and SOM of 78Mn, there is a huge growth potential for Simplified Wealth Management solutions for millennials and Youth. Stack is witnessing 100% MoM growth as of now and we wanted to keep backing them on the way”
https://www.asiatechdaily.com/fintech-startup-stack-finance/