Amsterdam-based Stacks, an AI-powered workspace helping companies close their books quickly and efficiently, has secured a combined $10M (approximately €9.5M) in consecutive funding rounds led by EQT Ventures and General Catalyst.
The Dutch company raised $3M (approximately €2.8M) in a pre-seed funding round led by EQT Ventures, followed by a fast-tracked $7M (approximately €6.7M) seed round led by General Catalyst, with EQT Ventures doubling down on their investment.
The rounds also saw participation from s16vc and prominent angel investors including Mike Taylor, CFO of Gusto, and Simone Rüschenberg, CFO at Taktile.
Every business is familiar with the end-of-month crunch that comes with book closing, which is often tedious and resource-intensive.
Although many tools are available, companies still often rely on archaic software systems as their main record-keeping, which are not fully integrated.
The result is fragmented data, increased manual labour, and susceptibility to error.
Here’s where Stacks comes in!
Stacks: Streamlining financial close
Albert Malikov (Head of International Product at U.S. fintech, Plaid) founded Stacks after observing the major inefficiencies finance teams face each month.
Albert Malikov says, “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.”
Consequently, the Stacks team identified a key issue in the finance market and developed a product to address it.
They have recruited several clients and started generating revenue.
Albert worked on this alongside a skilled founding team with experience from companies like Uber, Plaid, Miro, and Mollie.
“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. 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,” adds Malikov.
Stacks is an AI-powered workspace that streamlines monthly financial close cycles, mitigates accounting risk, and enhances accuracy.
He continues, “With AI-powered workflows, we’re eliminating tedious tasks so you can focus on the bigger picture. And we know that to truly reinvent an industry, you need a product-obsessed team that builds from the ground up, not just makes things incrementally better.”
Stacks integrates easily with ERP systems and tools like Excel and Slack, making it simple for customers to start using it in less than two weeks without extensive data migration.
The platform manages compliance workflows and centralises reconciliation to reduce risks.
It includes features such as AI-driven transaction matching, data ingestion, and journal entries to help teams work more efficiently.
The platform is trusted by dozens of leading companies, including Volt, Cleo, Juni, and Genesis.
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