Stacks raises $23 million in Series A and launches AI Flux Analysis

Stacks, the Amsterdam-based AI platform for corporate finance, closed a $23 million Series A funding round on 19 February 2026. The round was led by Lightspeed, with participation from EQT Ventures, General Catalyst and S16VC. At the same time, the company introduced AI Flux Analysis, a new tool that automates variance analysis in financial reporting.

The Series A follows less than a year after a $12 million Seed round, which was led by General Catalyst in February 2025. Stacks was founded in 2024 by Albert Malikov and has since moved its headquarters to London, with offices in Amsterdam and New York.

What Stacks is building for finance teams

Stacks focuses on automating operational financial workflows through AI agents. The platform takes over tasks such as reconciliations, journal entries and the monthly financial close, processes that at many companies still largely run manually and are time-consuming for accounting teams.

The company claims to have saved finance teams worldwide a combined total of more than 100,000 hours per year. Close cycles are said to have been shortened by up to 50 percent. These figures come from Stacks itself; independent verification is not available.

Customers include Epidemic Sound, Pleo, Cleo, Bloom & Wild, Volt, Motorway, Datavant, Future PLC and Nivoda. In total, the platform has attracted more than 30 enterprise customers worldwide since its launch.

AI Flux Analysis: from spreadsheet to automated commentary

Alongside the funding announcement, Stacks presented AI Flux Analysis, an addition to the existing platform. The tool addresses a specific bottleneck in financial reporting: the preparation of variance commentary, the written explanation of why certain financial figures deviate from a budget or from a prior period.

Traditionally, this process runs through spreadsheets, with analysts manually searching for the cause of variances and then describing them. AI Flux Analysis identifies those causes automatically, retrieves historical context from earlier periods and drafts explanations at the level of individual accounts.

Early users report that reporting cycles that previously took days are now completed in minutes. Here too, these experiences come from users quoted by Stacks; broader benchmark data are not available.

Investors and the build-up of capital

Lightspeed is leading the $23 million Series A round. EQT Ventures and S16VC are joining as investors in Stacks for the first time. General Catalyst participated again, having already led the Seed round in 2025. An investor joining both the Seed and the Series A round typically indicates satisfaction with progress in the intervening period, although follow-on investments in themselves say nothing about future results.

With the combined Seed and Series A funding, total capital raised stands at just over $35 million in less than two years. The company states it will use the new funds for product development and further growth of its customer base.

Amsterdam as the starting point, London as home base

Stacks was founded in Amsterdam and is listed in the Dutch startup database as an Amsterdam company. However, its headquarters has moved to London, a pattern seen more frequently among European early-stage companies looking to attract international customers and capital quickly. Amsterdam remains an active office location, alongside New York.

The move illustrates a broader tension within the European startup ecosystem: companies with roots in continental cities such as Amsterdam, Berlin or Stockholm sometimes later opt for London due to its proximity to major financial institutions, deeper talent pools for fintech profiles and the established presence of international investors. For policymakers and investors seeking to retain European AI talent, this is a familiar pattern that has long been a topic of discussion in conversations about the European startup climate.