AI Accounting Startup Stacks Raises $23M
Stacks, an AI platform for enterprise accounting automation, has raised a $23M Series A. Founded by an alum of Uber and Plaid, the company aims to automate manual finance tasks like reconciliation and month-end closing, and has already onboarded over 30 enterprise clients since launching.
The Series A round was led by venture capital firm Lightspeed, with continued support from existing investors EQT Ventures, General Catalyst, and S16VC. This new capital injection will be used to accelerate product development and expand the company's market reach. The London-headquartered startup was founded in 2024 by Albert Malikov, a former product leader at both Uber and Plaid. Stacks is tackling the deep-seated issue of fragmented financial data, which is often scattered across a complex web of ERPs, spreadsheets, and legacy systems. The company has engineered a sophisticated data layer that integrates directly with these disparate sources to create a single, consistent view for its clients. This AI-ready data layer is the foundation for automating operational finance and shifting CFO teams from process execution to higher-value analysis. By deploying advanced machine learning and deterministic AI agents, Stacks reports it can achieve up to 95% automation in reconciliations. For its clients, this has translated into cutting month-end close cycles by as much as 50% and reducing journal posting times from days to minutes. The company claims to have already saved finance teams over 100,000 hours annually. Among the 30+ enterprise clients using the platform are notable names like publisher Future PLC, audio firm Epidemic Sound, Volt, Motorway, Cleo, and Bloom & Wild. With the new funding, Stacks is launching a comprehensive reporting and analysis suite, including a new "AI Flux Analysis" tool designed to provide deeper insights and automate variance analysis.
