A London-based AI startup targeting accounting services, created by a former Uber and Plaid executive, has raised $23 million in a Series A round, led by new investor Lightspeed. The A series in Batteries also includes returning investors EQT Ventures, General Catalyst and S16VC. The new round follows 12 months after its $12 million funding round. In total, $35 million was raised.
Stacks, founded in Amsterdam but headquartered in London, is an AI platform for corporate accounting teams. Its technology solves the problem of data dispersion in corporate finance. It says transaction-level details are scattered across ERPs, spreadsheets, data lakes and legacy systems, forcing teams to resort to manual workarounds because core platforms are slow, difficult to integrate and not designed for AI.
Stacks claims to have built a data layer that connects directly to financial systems and creates a single, consistent financial view across them.
The company says it has also created the machine learning tools needed to make automation reliable across the enterprise and is deploying agents that automate workflows across the financial stack. Its 30 clients include publisher Future and audio company Epidemic Sound.
Stacks was created by CEO Albert Malikov, who, before founding Stacks, held product leadership roles at Uber and Plaid, where he worked to develop Plaid’s European business.
Alex Schmitt, Partner at Lightspeed, said: “Stacks is uniquely positioned to tackle some of the toughest challenges in corporate finance. The Uber and Plaid team’s combination of technical and financial expertise, along with the company’s remarkable appeal, gives us strong confidence that they will lead the AI shift in the CFO’s office.