Amsterdam-based fintech Stacks, the AI-powered financial close platform for mid-to-large enterprises, has raised $10 million in funding, led by EQT Ventures and General Catalyst, with participation from S16vc.
- Founded in 2024 by Albert Malikov, Stacks develops an AI-powered platform that streamlines and automates the financial close process for mid-to-large enterprises.
- The platform reduces manual tasks, enabling finance teams to close their books faster and more accurately. It seamlessly integrates with existing ERP systems and popular tools like Excel and Slack, allowing customers to become operational in under two weeks, without the need for extensive data migration.
- Stacks uses AI for key functions such as transaction matching, data ingestion, and journal entries, improving efficiency and allowing finance teams to focus on strategic work. The platform also simplifies compliance workflows and reduces risks through central reconciliation views, making it an effective solution for faster, smarter, and more accurate financial closings.
“With AI-powered workflows, we’re eliminating tedious tasks so you can focus on the bigger picture. And we know that to truly reinvent an industry, you need a product-obsessed team that builds from the ground up, not just makes things incrementally better," claims Albert Malikov, founder of Stacks.
- Since its inception, Stacks has served companies like Volt, Cleo, Juni, and Genesis, with customers reporting a 47% reduction in close time, a 97% decrease in manual reconciliations, and a 33% faster audit cycle.
Details of the deal
- The round was led by EQT Ventures, a Stockholm-based multi-stage VC fund with a portfolio of 91 startups, 204 investments, and 29 exits, including companies like Onramper, Luko, Siilo, and AirKit, and General Catalyst, a California-based VC firm. S16vc and angel investors also joined the round.
“EQT Ventures was looking for a company to support our thesis that financial close is mostly manual workflows and will be one of the first spaces in the 'office of the CFO' to be disrupted by AI. When we met Albert just over a year ago, it was just him and an idea, but we could not partner soon enough," explains Kaushik Subramanian, Partner at EQT Ventures
- Stacks will use the $10 million to enhance its AI-powered platform, automate more financial workflows, and expand ERP integrations. The funds will also support hiring, global expansion, and refining its one-click financial close vision.
