Stacks Raises $23M for Agentic AI Finance Platform

- The Series A funding was led by Lightspeed, with participation from existing investors EQT Ventures, General Catalyst, and S16VC. This follows a $12 million seed round in February 2025, which was led by General Catalyst. - Stacks was founded in 2024 by Albert Malikov, who previously held product leadership roles at Uber and Plaid. The company was originally founded in Amsterdam and is now headquartered in London. - The company's platform is designed to address fragmented financial data by creating a unified data layer that connects to various ERPs, spreadsheets, and legacy systems. This foundation allows its AI agents to automate workflows like reconciliations, journal entries, and the month-end close. - Stacks reports that it has onboarded over 30 enterprise customers, including Volt, Cleo, Epidemic Sound, and Pleo. The company claims its technology has saved these clients over 100,000 hours annually. - Customers have reported significant improvements, including a 47% reduction in the time it takes to close their books, a 97% decrease in manual reconciliations, and a 33% faster audit cycle. Some clients have seen their closing cycles reduced by as much as 50%. - In conjunction with the funding, Stacks has launched a new tool called AI Flux Analysis. This feature automates variance analysis by identifying what drives changes in transactions, providing historical context, and generating explanations, a process that can reduce analysis time from days to minutes. - "Agentic AI" goes beyond simple automation by enabling AI systems to make independent decisions, plan multi-step workflows, and adapt to new information with minimal human intervention. In finance, this can be applied to tasks like autonomously assessing loan risks or managing financial workflows in real-time.