Stacks Raises $23 Million to Reinvent Finance Operations With Agentic AI

Stacks, helping reinvent the financial close, led by Albert Malikov and the team, has raised $23M Series A led by Lightspeed, with EQT Ventures, General Catalyst, and S16VC doubling down. The round comes less than a year after Stacks’ $12 million seed financing led by General Catalyst, underscoring the company’s rapid traction and momentum.

Finance is becoming the next major enterprise function to be rebuilt with AI, following multibillion-dollar transformations in customer support and legal. Since emerging from stealth less than a year ago, Stacks has onboarded more than 30 enterprise customers globally, saving finance teams over 100,000 hours annually by automating reconciliations, journal entries, and the month-end close.

Fragmented data across ERPs, spreadsheets, data lakes, and legacy systems forces finance teams into manual reconciliation and limits real-time visibility. Stacks addresses this by building a financial data layer that connects directly to finance systems and creates a unified view, supported by deterministic machine-learning tooling for reliable enterprise-scale automation. On this foundation, the platform deploys agents that automate operational workflows, improving speed, accuracy, and leverage.

According to Alex Schmitt of Lightspeed Venture Partners, the team’s technical and finance background and strong traction position the company to lead AI adoption within the Office of the CFO.

Stacks is delivering measurable ROI through its monthly close module and expanding into daily operational workflows.

At Nivoda, the accounting team reduced monthly close time by eight days, cut journal postings from days to minutes, and automated 95% of reconciliations, according to JP.

At Epidemic Sound, Jessica Lindholm reported replacing a legacy provider within weeks and benefiting from AI-driven automation across financial close and reconciliations, with further evaluation of AI agent capabilities underway.

With its data foundation established, Stacks is expanding from close automation into financial intelligence.

The company introduced a reporting and analysis suite designed to move teams beyond manual reporting toward automated business explanation. Its AI Flux Analysis automates variance analysis, identifies transaction-level drivers, incorporates historical context, and generates reviewable explanations, while a leadership-ready executive summary marks the first layer of a broader enterprise finance intelligence suite.

Targeting both the $100 billion Office of the CFO software market and the broader labor spend behind enterprise finance, Stacks is building an AI-native platform end-to-end. The close and reconciliation segment remains dominated by incumbents such as BlackLine, HighRadius, and OneStream, whose legacy systems are often complex and costly to deploy.

According to Albert Malikov, the platform began with accounting and close workflows and addressed fragmented data first by creating an AI-ready data layer, enabling AI agents to operate in finance and shifting CFO teams toward analysis and decision-making.