Stacks Secures $10M Investment to Revolutionize Financial Closures with Cutting-Edge AI Technology

Stacks Secures $10M Investment to Revolutionize Financial Closures with Cutting-Edge AI Technology

Stacks, a cutting-edge AI-driven financial close platform, has successfully raised $10 million in funding through two strategic rounds led by EQT Ventures and General Catalyst. This significant investment aims to tackle the persistent inefficiencies in the financial closing processes that many organizations still face today.

Funding Overview

The funding rounds consisted of a $3 million pre-seed round followed by a $7 million seed round. Participants in these rounds included s16vc and several prominent angel investors, such as Mike Taylor, CFO of Gusto, and Simone Rüschenberg, CFO at Taktile.

Company Background

Founded by Albert Malikov, a former executive at Uber and Plaid, Stacks focuses on automating and streamlining financial workflows. Despite the existence of modern tools, many financial processes remain labor-intensive and prone to errors. Stacks’ innovative solution integrates effectively with popular Enterprise Resource Planning (ERP) systems, Excel, and collaboration tools like Slack.

Benefits of Stacks’ AI Solution

By utilizing Stacks’ AI-powered platform, finance teams can:

  • Reduce accounting risks
  • Enhance accuracy
  • Significantly decrease closing times

Vision for the Future

Albert Malikov shared his vision for Stacks: “I’ve seen firsthand how much time finance teams lose to manual tasks—a decade ago at Uber, we were already building data-driven tools to elevate finance into a true strategic partner, not just a back-office function.” He emphasized the growing need for finance leaders to transcend traditional roles and actively contribute to strategic decision-making.

Malikov added, “Our mission at Stacks is to simplify the month-end close process to a single click, enabling teams to focus on discovering new revenue streams and optimizing cash flow.”

READ ALSO  Betashares Tops Australian FinTech Scene Despite 74% Year-Over-Year Funding Decline in 2024

Investor Insights

Kaushik Subramanian, a partner at EQT Ventures, commented on the potential disruption of financial close workflows by AI, stating, “It is uncommon to find a top-quality product leader in Europe with extensive experience from leading Silicon Valley businesses. When we met Albert just over a year ago, it was just him and an idea, but we could not partner soon enough.”

For more information about Stacks and their innovative approach, visit their official website or check out their [LinkedIn page](https://www.linkedin.com/company/stacks). Additionally, learn more about the growing role of AI in finance through resources from [Forbes](https://www.forbes.com) and [Harvard Business Review](https://hbr.org).

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