Financial teams face persistent challenges in closing their books at the end of each month, often relying on outdated and disconnected systems that require extensive manual effort. In response to these inefficiencies, Amsterdam-based startup Stacks has developed an AI-powered platform to simplify and accelerate financial close processes. The company has now secured a total of $10 million in pre-seed and seed funding from investors, including EQT Ventures and General Catalyst. Stacks aims to address inefficiencies by integrating with enterprise resource planning (ERP) systems and widely used financial tools.
Similar initiatives in the past have attempted to improve financial close processes, but many required complex implementations or failed to address the full scope of accounting challenges. Unlike previous solutions, Stacks leverages artificial intelligence to automate workflows, reducing the reliance on manual data entry and reconciliation. The platform’s emphasis on integration with existing financial tools and minimal onboarding time distinguishes it from earlier attempts that often demanded significant data migration efforts.
What makes Stacks different?
Stacks was founded by Albert Malikov, formerly the Head of International Product at Plaid, who identified inefficiencies in finance teams’ workflows. The company’s AI-powered platform automates key accounting processes, reducing errors and freeing up finance teams to focus on strategic tasks. By centralizing reconciliation and compliance workflows, Stacks minimizes financial risk while improving efficiency.
“I’ve seen firsthand how much time finance teams lose to manual tasks—a decade ago at Uber (NYSE:UBER), we were already building data-driven tools to elevate finance into a true strategic partner, not just a back-office function,” said Malikov.
How does the platform integrate with existing systems?
Stacks ensures seamless integration by connecting with ERP systems and widely used financial tools, including Excel and Slack. This allows companies to implement the platform in under two weeks without significant data migration. Its AI-powered features automate transaction matching, journal entries, and data ingestion, streamlining processes that traditionally require extensive human involvement.
“With AI-powered workflows, we’re eliminating tedious tasks so you can focus on the bigger picture,” Malikov stated.
The $3 million pre-seed funding round was led by EQT Ventures, followed by a $7 million seed round led by General Catalyst, with EQT Ventures increasing its investment. Additional support came from s16vc and notable angel investors such as Mike Taylor, CFO of Gusto, and Simone Rüschenberg, CFO at Taktile. These investments are expected to drive product development and expand the company’s client base.
Companies including Volt, Cleo, Juni, and Genesis have already adopted Stacks, demonstrating the demand for more efficient financial close solutions. The platform’s focus on automation and integration aims to reduce the burden of month-end financial processes, allowing businesses to allocate resources toward strategic financial planning.
Automating financial close processes remains a key challenge for businesses, and Stacks attempts to provide a solution that balances automation with ease of adoption. While AI-powered workflows can increase efficiency, businesses must still ensure accuracy and compliance in financial reporting. The funding secured by Stacks indicates confidence in the market potential for such solutions, but its long-term success will depend on how well it adapts to evolving financial regulations and enterprise needs. Companies seeking to optimize financial closure will need to evaluate whether AI-driven platforms like Stacks can effectively integrate with their existing financial ecosystems.
