Stacks, an Amsterdam-based AI-powered automated accounting platform that simplifies financial close processes, has secured $10 million in two funding rounds. Last year, EQT Ventures led a $3 million pre-seed funding round. A few months later, Stacks closed a further $7 million round led by General Catalyst, with participation from early-stage investor s16vc and angel backers such as Gusto CFO Mike Taylor and Taktile CFO Simone Rüschenberg.
A part of the new funding will be used to further develop and refine its AI-powered agents. By automating more aspects of the financial close process, Stacks aims to empower finance teams to focus on more important work.
The challenge of monthly financial close
Closing the books at the end of each month is often tedious and resource-heavy. Many companies still rely on outdated, disconnected accounting systems, which lead to fragmented data, excessive manual work, and a higher risk of errors. Existing software solutions often fail to provide a truly integrated experience, forcing finance teams to manage multiple platforms.
How Stacks is a game-changer
Stacks offers a fully integrated AI-powered workspace that streamlines financial close processes. Businesses can automate key workflows such as transaction matching, data ingestion, journal entries, and compliance tracking. The platform seamlessly integrates with existing Enterprise Resource Planning (ERP) systems, as well as commonly used tools like Excel and Slack, eliminating the need for expensive and time-consuming data migrations.
The team behind Stacks
Stacks was founded by Albert Malikov, a former product leader at Uber and Plaid. His experience in fintech and payments gave him firsthand insight into the inefficiencies of traditional financial close processes. Recognising the potential for AI-driven automation, Malikov assembled a team of experienced product leaders from companies like Miro, Mollie, and Plaid to build Stacks.
AI-powered accounting agents
One of Stacks’ most promising developments is its AI agent product, currently in beta testing. These AI-powered agents can analyse financial data, automate reconciliation tasks, and generate journal entries. Finance teams can delegate repetitive, time-consuming tasks to AI agents while retaining final oversight, ensuring accuracy and compliance. Stacks operates on a subscription-based model, with pricing tiers based on company size and usage.
Early adopters of Stacks, including fintechs like Volt, Cleo, Juni, and Genesis, have reported a 47% reduction in close time, a 97% decrease in manual reconciliations, and a 33% faster audit cycle. These impressive results highlight the platform’s ability to enhance efficiency and accuracy.
The future of Stacks
With its strong investor backing, experienced team, and growing client base, Stacks is well-positioned to become a leading force in financial automation. As AI continues to reshape industries, Stacks’ one-click financial close solution is setting a new standard for accounting efficiency.
By eliminating manual inefficiencies and leveraging AI-powered automation, it is redefining how finance teams manage their workflows, making financial close faster, smarter, and more reliable than ever before.
Albert Malikov, founder of Stacks, commented: “I’ve seen firsthand how much time finance teams lose to manual tasks—a decade ago at Uber, we were already building data-driven tools to elevate finance into a true strategic partner, not just a back-office function. Today, that need is finally hitting the mainstream: finance leaders everywhere are realising they must go beyond just closing the books and start driving strategy and innovation. At Stacks, we’re here to make that happen. Our vision is to simplify the month-end close into a single click, freeing teams up to find new revenue streams, optimise cash flow, and shape the company’s future.”
Kaushik Subramanian, Partner at EQT Ventures, added: “It is uncommon to find a top-quality product leader in Europe with deep experience from leading Silicon Valley businesses. EQT Ventures was looking for a company to support our thesis that financial close is mostly manual workflows and will be one of the first spaces in the ‘office of the CFO’ to be disrupted by AI. When we met Albert just over a year ago, it was just him and an idea, but we could not partner soon enough.”
Zeynep Yavuz, Partner at General Catalyst, said: “Within just six months of its launch, Stacks has delivered meaningful results for its customers. Albert’s relentless dedication to building a best-in-class product and rapidly shipping new features has driven deep customer obsession. In an industry where CFOs are cautious about adopting new tools for essential tasks like financial reporting, the positive feedback speaks volumes about the impact Stacks is making.”
Ruben Arnbert, CFO at Juni, added: “Since adopting Stacks, we’ve reduced our financial close time by three and a half days—a material improvement that has allowed us to utilise resources more effectively. What stood out most was Stacks’ transparency about current functionalities and future developments, a rare quality among providers. Additionally, the innovative technology and clever workflows offered a unique solution, seamlessly linking tasks, journals, and events specific to the closing process. This integration has transformed how our teams collaborate during financial close.”
The post Uber alum’s Stacks unlocks $10M to revolutionise financial close with AI appeared first on Tech Funding News.