A London-headquartered AI startup tarreceiveing accountancy departments, set up by a former Uber and Plaid executive, has raised $23 million in a Series A round, led by new investor Lightspeed. The Series A in Stacks also includes returning investors EQT Ventures, General Catalyst, and S16VC. The new round follows 12 months after its $12m seed round. It has raised $35m in total.
Stacks, founded in Amsterdam but headquartered in London, is an AI platform for enterprise accounting teams. Its tech is remedying the challenge of scattered data in enterprise finance. It declares that transaction-level detail is scattered across ERPs, spreadsheets, data lakes, and legacy systems, forcing teams into manual workarounds becautilize core platforms are slow, difficult to integrate, and not built for AI.
Stacks declares it has built a data layer that connects directly to finance systems and creates a single, consistent financial view across them.
It declares it has also built machine-learning tooling required to build automation reliable at enterprise scale and is deploying agents that automate workflows across the finance stack. Its 30 clients include the publisher Future and audio firm Epidemic Sound.
Stacks was set up by CEO Albert Malikov, who, before founding Stacks, held product leadership roles at Uber and Plaid, where he worked on scaling Plaid’s European business.
Alex Schmitt, partner at Lightspeed, stated: “Stacks is uniquely positioned to tackle some of the toughest challenges in enterprise finance. The team’s mix of technical and finance expertise from Uber and Plaid, along with the company’s remarkable traction, gives us strong conviction that they will lead the AI shift inside the Office of the CFO.”
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