Fable Fintech funding
Fable Fintech announced that it has raised an undisclosed amount in a Series-A funding round.
The round was led by India-based investors including venture capital fund Pentathlon Ventures, stock market investors Ashish Kacholia and Lashit Sanghvi, and former Wall Street banker Sumeet Kanwar, Mumbai-based Fable Fintech said in a statement.
The round also saw participation from existing investors Paytm and Infibeam Avenues.
The current shareholders in Fable Fintech include ICICI Bank, Secocha (Parekh Family of Pidilite Industries), and Muthoot Fincorp.
The startup said it plans to use the freshly raised funds towards the expansion of the company’s product footprint across Asia, North America, the Middle East, and African markets.
Apart from this, the startup said it will continue to invest in new products to enhance its portfolio and develop its execution abilities.
Fable Fintech CEO Naushad Contractor said, “We are elated to onboard marquee investors and look forward to their insights in enriching and realizing our vision.”
“In the past three years, we have built an ecosystem for unlocking the latent fintech potential in banks, financial institutions, and businesses to move money worldwide in a secure, transparent, reliable, and efficient manner,” he added.
He said the startup has zero compromises on global compliance and KYC norms. “Our platforms are ready for global deployment now.”
Fable Fintech was founded by Naushad Contractor, a fintech and payments executive with global experience, along with some domain experts. It fuels the cross-border remittance and payments processing solutions offered by banks, money transfer operators, and other licensed entities to their retail and SME customers.
Currently, the startup serves 20 banks, currency exchange companies, and money service businesses (MSBs) in eight countries. The company has processed about eight million transactions totaling an approximated $16 billion.
Fable’s platforms provides bank-grade security, compliance, and technology compatibility to promote faster go-to-market.
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