London-headquartered AI accounting platform Stacks has announced the successful closure of a $23 million Series A funding round, a significant milestone in its mission to modernize enterprise finance. The round was led by venture capital firm Lightspeed, signaling strong market confidence in the company's innovative approach to complex financial workflows. Founded by Albert Malikov, a former product leader at Uber and Plaid, Stacks is tackling deep-seated issues of data fragmentation to empower accounting teams with powerful automation.
Addressing Foundational Data Fragmentation
At the core of Stacks' mission is a solution to the pervasive problem of scattered financial data, which often resides in a complex web of ERPs, spreadsheets, data lakes, and legacy systems. This fragmentation has historically forced finance professionals into laborious manual workarounds, as traditional platforms lack the agility and AI-readiness required for modern enterprises. Stacks has engineered a sophisticated data layer that directly integrates with these disparate sources to create a single, consistent, and reliable financial view for its clients.
Driving Efficiency with AI-Powered Automation
The company's technology is already delivering substantial results for its client base of over 30 enterprises, which includes notable names like publisher Future PLC and audio firm Epidemic Sound. By deploying advanced machine learning and deterministic AI agents, Stacks automates highly sensitive workflows, achieving up to 95% automation in reconciliations. This translates into tangible benefits, such as cutting month-end close cycles by eight days and reducing journal posting times from days to minutes.
Investor Confidence in a Transformative Vision
The new capital injection was led by Lightspeed and saw continued support from existing investors EQT Ventures, General Catalyst, and S16VC, reflecting a shared belief in the company's long-term vision. Alex Schmitt, a partner at Lightspeed, highlighted the team's unique combination of technical and financial expertise as a key differentiator in the market. He noted that Stacks is uniquely positioned to tackle some of the toughest challenges in enterprise finance and lead the AI shift inside the Office of the CFO.
A Deliberate Path to Building a Generational Company
In a recent statement, CEO Albert Malikov emphasized the team's deliberate strategy of building the essential data layer first, rather than simply wrapping an LLM around an existing workflow. This foundational work, he explained, is what makes reliable, enterprise-scale automation possible and sets the stage for future innovation. This methodical approach reflects a commitment to building a truly generational company that fundamentally changes how finance functions operate within an organization.
Expanding from Automation to Strategic Intelligence
While the company's initial focus was on automating the most painful accounting processes, its ambitions extend far beyond simple task execution. With this new funding, Stacks is launching a comprehensive reporting and analysis suite, including a new AI Flux Analysis tool designed to provide deeper insights. This strategic expansion aims to transition finance teams from being process-oriented to becoming hubs of real-time financial intelligence that drive critical business decisions.
This $23 million Series A round empowers Stacks to accelerate its product development and expand its market reach, solidifying its position as a key innovator in financial technology. The investment not only validates the company's methodical approach but also fuels its mission to transform the CFO's office from a cost center into a strategic partner. As Stacks continues to build upon its solid foundation, the industry will be watching its progress in redefining the future of enterprise finance.