Stacks Raises $23M Series A To Automate Enterprise Finance With Agentic AI
Stacks, an AI platform designed for enterprise finance teams, has secured $23 million in Series A funding. This round was led by Lightspeed with participation from EQT Ventures, General Catalyst, and S16VC. The funding was raised less than a year after…
Stacks, an AI platform designed for enterprise finance teams, has secured $23 million in Series A funding. This round was led by Lightspeed with participation from EQT Ventures, General Catalyst, and S16VC. The funding was raised less than a year after the seed round, reflecting significant market interest.
Stacks is based in London and Amsterdam and targets the transformation of the "Office of the CFO" using AI. This initiative addresses the labor-intensive tasks in finance departments, such as reconciliations and journal entries.
In less than a year, Stacks has acquired over 30 enterprise clients, including Epidemic Sound, Pleo, and Cleo. Customers reportedly saved over 100,000 hours annually by automating financial processes. Stacks' team includes professionals with experience from companies like Uber and Plaid.
Stacks emphasizes building a unified financial data layer before deploying AI agents, addressing the fragmentation of transaction-level data across various systems. The platform integrates with finance systems to create a consistent data view and employs machine-learning tools for reliable automation.
Stacks, an AI platform designed for enterprise finance teams, has secured $23 million in Series A funding.
Stacks' initial product, Month-End Close, has seen adoption with measurable benefits. Clients like Motorway and Cleo reported significant time savings and improved processing speeds. Nivoda achieved a reduction in its close cycle and improved reconciliation automation.
With the Series A funding, Stacks launched AI Flux Analysis, automating variance analysis in financial reporting. This tool identifies variance drivers and generates explanations, reducing reporting time significantly. An executive summary feature is also introduced for leadership review.
Stacks is targeting the $100 billion Office of the CFO software market, challenging existing platforms like BlackLine. The company aims to replace labor-intensive finance processes with AI-driven solutions, enhancing analysis and decision-making capabilities in finance departments.
CEO Albert Malikov highlights the focus on foundational finance workflows and the creation of an AI-ready data layer to enable operational enhancements.
Based on reporting by techround.co.uk.