Stacks Raises $10 Million for AI-Powered Financial Close Solution
Self-described “AI-powered workspace” Stacks says it is now $10 million richer.
The company, founded by Uber and Plaid veteran Albert Malikov, announced Wednesday (Feb. 19) that it had raised $3 million in a pre-seed round led by EQT Ventures, followed by a $7 million seed round led by General Catalyst.
The company says the funding will help Stacks advance its effort to let finance teams and artificial intelligence (AI) agents collaborate to close books faster and — eventually — with one click.
“Every business is familiar with the end-of-month crunch that comes with book closing, which is often tedious and resource intensive,” Stacks said in a news release.
“Although many tools are available, companies still often rely on archaic software systems as their main record-keeping, which are not fully integrated with each other. The result is fragmented data, increased manual labour, and susceptible to error.”
Malikov noted that he’s witnessed how much time finance teams spend on unnecessary manual tasks. A decade ago at Uber, he added, that company was developing data-driven tools to make finance “into a true strategic partner,” rather than a back-office function.
“Today, that need is finally hitting the mainstream: finance leaders everywhere are realizing they must go beyond just closing the books and start driving strategy and innovation. At Stacks, we’re here to make that happen,” he said.
“Our vision is to simplify the month-end close into a single click, freeing teams up to find new revenue streams, optimize cash flow, and shape the company’s future. With AI-powered workflows, we’re eliminating tedious tasks so you can focus on the bigger picture.”
The funding comes at a time when, as covered here last month, AI is emerging as a force within business process enhancement.
Companies, that report said, are relying on AI to automate repetitive tasks as well as more complex processes such as compliance monitoring, fraud detection and supply chain optimization, employing tactics like marrying robotic process automation (RPA) to AI to streamline workflows.
The timing, the report added, is crucial: while the back office had long been overlooked in discussions about innovation, its transformation is no longer optional.
“With rising uncertainty, regulatory complexities and competitive pressures, companies are seeking ways to streamline operations, improve decision-making and unlock efficiencies,” PYMNTS wrote. “The back office is ready for its glow-up — and the appropriate, effective and responsible use of AI could be the key.”
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