Stacks has raised $23 million in a Series A round led by Lightspeed Venture Partners, with returning investors EQT Ventures, General Catalyst, and S16VC participating. The company announced the financing on February 19, 2026, less than 12 months after disclosing $10 million in combined pre-seed and seed funding.
We have raised a $23M Series A led by @lightspeedvp, with continued support from @generalcatalyst, @eqtventures & s16vc.
Less than a year in
> Over 30 enterprise customers,
> 100.000+ hours saved annually
> Customers cutting their close cycle by up to 8 days
> 95% of… pic.twitter.com/ptlACO8kCq— Stacks (@_StacksAI) February 19, 2026
What the Company Does
Stacks builds an AI-powered platform for enterprise finance teams that automates the monthly financial close process a set of workflows including reconciliations, journal entries, variance analysis, and reporting that remain heavily manual in most large organizations. The company, founded in April 2024 by Albert Malikov, a former product lead at Uber and Plaid, is incorporated in the Netherlands and operates from London and Amsterdam.
The platform connects directly to enterprise resource planning systems, spreadsheets, data warehouses, and legacy accounting tools to consolidate fragmented financial data into a unified layer. On top of that data foundation, Stacks deploys deterministic AI agents that execute operational workflows across the finance function. The company says it has onboarded more than 30 enterprise customers since emerging from stealth in early 2025, including Epidemic Sound, Pleo, Motorway, Cleo, Bloom & Wild, Volt, and Nivoda.
Investor Profile
Lightspeed Venture Partners, the round’s lead, closed more than $9 billion in committed capital across six funds in December 2025, making it one of the largest venture raises of the year. The firm has deployed over $5.5 billion into 165 AI-focused companies, with a concentration at the seed through Series B stages. Its portfolio includes Anthropic, Databricks, xAI, Mistral, Glean, Rubrik, and Netskope.
Alex Schmitt, Partner at Lightspeed, stated publicly that the firm’s conviction rests on the founding team’s combined technical and finance experience and the company’s early customer traction. EQT Ventures led the pre-seed round in early 2025, with General Catalyst leading the subsequent seed; both firms participated again in this Series A. S16VC, a founders-for-founders fund that backed the earlier rounds, also returned.
Stated Use of Funds
Stacks says the capital will be directed toward three areas: expanding its go-to-market organization, advancing its core automation platform, and developing a new reporting and analytics suite. The company introduced AI Flux Analysis, a product that automates variance analysis by identifying transaction-level drivers, retrieving historical context, and generating explanations for finance teams to review. An executive summary feature was also disclosed as the first component of what Stacks describes as a broader financial intelligence offering.
Funding History
The company’s earliest disclosed financing was a $3 million pre-seed round led by EQT Ventures, announced in February 2025. A $7 million seed round led by General Catalyst followed shortly after, with EQT Ventures and S16VC participating alongside angel investors Mike Taylor (CFO, Gusto) and Simone Rüschenberg (CFO, Taktile). The company’s Series A announcement references “$12 million seed financing” as the prior raise, suggesting additional capital may have been committed beyond the initially disclosed $10 million.
Including the $23 million Series A, the company’s cumulative disclosed funding stands at approximately $33 million based on official communications.
Market Context
The raise arrives as AI-driven automation of back-office enterprise functions draws significant venture capital. Investor appetite for applied AI in financial infrastructure remains strong across multiple verticals. For example, Newity Raises $11M in a recent strategic funding round to expand its AI-powered underwriting platform and blockchain-enabled small business credit infrastructure highlighting parallel momentum in fintech segments beyond enterprise accounting.
In February 2026 alone, Accrual, another AI accounting startup, launched with $75 million in funding led by General Catalyst. Rogo, an AI platform for financial institutions, closed a $75 million Series C led by Sequoia Capital in January 2026. FloQast, an established financial close platform, announced it surpassed $200 million in annual recurring revenue in January 2026.
Stacks enters a competitive landscape occupied by incumbents including BlackLine, HighRadius, OneStream, and FloQast in the financial close and reconciliation segment. The company characterizes the addressable market as the “$100 billion Office of the CFO software market,” though that figure is company-stated and not independently verified.
Average Series A rounds for AI startups have trended larger in 2025–2026, with one analysis placing the average at approximately $51.9 million roughly 30% higher than for non-AI startups. At $23 million, the Stacks round sits below that average but within the range typical for early-revenue enterprise SaaS companies at the Series A stage.
Looking Ahead
Stacks has signaled that financial close automation is intended as a foundation rather than an endpoint. The company’s stated roadmap moves toward continuous financial reporting and analysis, with the AI Flux Analysis launch representing its first step outside pure workflow automation. Whether the company can convert its reported early traction 30-plus customers and company-stated metrics of 47% close-time reduction and 97% reconciliation automation into durable enterprise adoption at scale remains to be demonstrated. The competitive field is active and well-capitalized, with both venture-backed startups and public incumbents investing heavily in AI-augmented finance tooling.
