Obtaining the Securities and Exchange Board of India (Sebi) registered license will enable the online selling of listed bonds, requiring organisations to register as stockbrokers within the debt market segment.
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Previously focused mainly on fixed deposits, the company now seeks to diversify users’ fixed-income investment options by introducing corporate bonds as an additional choice alongside traditional fixed deposits.
The Matrix Partners-backed company will offer bonds with minimum ticket sizes of Rs 1,000 or less to broaden its user base.
Saurabh Jain and Harish Reddy, cofounders of Stable Money said, “We are thrilled to announce the acquisition of the OBPP license, a pivotal milestone towards democratising access to the bond market for retail investors. At Stable Money, our vision is to empower users to optimise their fixed-income returns, and this license enables us to offer a broader spectrum of investment opportunities.”
ET had earlier reported that the startup had built partnerships with a few banks and NBFCs for fixed deposits, with a goal of integrating with 25 banks by the end of FY24.
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Stable Money raised $5 million in its first equity fundraise in August last year which was led by Matrix Partners and Lightspeed. It also saw participation from Titan Capital, Mar Shot Ventures and angel investors like Snapdeal cofounders Kunal Bahl and Rohit Bansal.Last year, Bengaluru-based investment platform Wint Wealth had received OBPP licence from Sebi. In November 2022, Sebi mandated that entities in this business needed to have a licence to sell bonds.