Stacks, an AI-powered financial close platform designed for mid-to-large enterprises, has raised $10 million across two consecutive funding rounds. The financing was led by EQT Ventures and General Catalyst, with participation from s16vc and prominent angel investors. The investment will fuel Stacks’ mission to simplify and automate the financial close process, allowing businesses to close their books faster and more efficiently.

Addressing the Challenges of Financial Close

Finance teams often struggle with outdated, fragmented systems that require extensive manual effort to reconcile accounts and finalize month-end reports. Stacks aims to change this by integrating AI-driven automation into financial close workflows, significantly reducing the time and effort required. Companies that have adopted the platform, including Volt, Cleo, and Juni, report a 47% reduction in close time, a 97% decrease in manual reconciliations, and a 33% faster audit cycle.

Fast Growth and Strong Backing

Founded by Albert Malikov, a former Head of International Product at Plaid and senior product leader at Uber’s Money team, Stacks has rapidly built a feature-rich platform tailored to finance teams. Within just nine months, the company has onboarded dozens of customers and begun generating revenue. Its rapid traction and impact on financial workflows attracted backing from leading global venture capital firms and experienced industry executives, including CFOs from Gusto and Taktile.

AI-Powered Innovation in Financial Automation

Stacks distinguishes itself by offering a comprehensive and easy-to-integrate financial close solution. Unlike traditional software that often requires complex migration processes, Stacks seamlessly connects with Enterprise Resource Planning (ERP) systems, Excel, Slack, and other essential finance tools. By leveraging AI, the platform automates key processes such as transaction matching, data ingestion, and journal entry creation, allowing finance teams to shift their focus from repetitive tasks to strategic financial planning.

A Vision for the Future of Finance

Albert Malikov emphasizes the importance of transforming finance teams from back-office operators into strategic decision-makers. His experience at Uber highlighted inefficiencies in financial processes, reinforcing the need for AI-driven automation to optimize workflows. With Stacks, Malikov envisions a future where closing the books is a seamless, one-click process, empowering finance teams to focus on revenue growth, cash flow optimization, and business innovation.

Investor Confidence and Market Opportunity

EQT Ventures Partner Kaushik Subramanian highlighted Stacks’ potential to disrupt the financial close process, emphasizing the company’s strong leadership and innovative approach. General Catalyst Partner Zeynep Yavuz praised the rapid adoption of Stacks' platform, citing its ability to drive measurable improvements for finance teams. With multi-entity and multi-country complexities posing significant challenges in financial reporting, particularly in Europe, Stacks is well-positioned to address a major pain point in the industry.

Transforming Financial Close with Cutting-Edge Technology

Stacks is built for ease of adoption, enabling businesses to implement the solution in under two weeks without the need for extensive onboarding. The platform provides a centralized reconciliation view, ensuring compliance and reducing financial risks. By integrating AI-driven workflows with human oversight, Stacks allows finance teams to leverage automation while maintaining transparency and control over their financial operations.

With strong investor support and increasing market demand, Stacks is poised for significant growth and expansion. The company plans to scale its platform globally, with an initial focus on Europe, where financial complexities present a substantial opportunity for automation. As AI continues to reshape financial operations, Stacks is at the forefront of revolutionizing the financial close process, setting a new standard for efficiency and accuracy in corporate finance.