Fable Fintech raises Series-A funding
Mumbai, India, 2 June 2021: Fable Fintech, Mumbai based
leading B2B provider of global Cross border payment processing platforms, today
announced that it has raised a round of Series-A funding. This round was led by
India based marquee investors which include early-stage B2B-SaaS focused
venture capital fund Pentathlon Ventures, noted stock market investors Ashish
Kacholia & Lashit Sanghvi and former Wall Street banker Sumeet Kanwar along
with participation by existing investors PayTM & Infibeam Avenues. Software
industry veteran Farid Kazani, Content producer and Entrepreneur Dr. Shilpa
Ramani and other prominent individual corporate executives and entrepreneurs
also participated. Current shareholders in Fable include ICICI Bank, Secocha
(Parekh Family of Pidilite Industries) & Muthoot Fincorp.
Started by Naushad Contractor, a seasoned fintech and
payments executive with global experience, along with a few hand-picked domain
experts, Fable Fintech powers the cross-border remittance and payments
processing solutions offered by banks, money transfer operators, MSBs &
other licensed entities to their Retail and SME customers.
Fable Fintech caters to 20 banks, currency exchange
companies, and Money Service Businesses (MSBs) across 8 countries. This
includes 9 out of 10 large private sector banks in India including such marquee
names as HDFC Bank, ICICI Bank IDFC First Bank, Canara Bank In addition,
Fable’s class leading platforms are also used by clients in Kuwait, Bahrain,
Qatar, UK, Singapore, Bangladesh & UAE and very soon in Africa, Sri Lanka
and Nepal. Fable has a team of 200 resources in India, with key personnel based
in the USA & Singapore. With this round of funding and a strong B2B
business model, Fable in on its way to a market leadership position in the
market for Cross Border payment platforms globally.
These fresh funds are mainly intended towards
expansion of the company’s product footprint across Asia, North America, Middle
East & African markets. Besides, the company will also continue to invest
into new products to enrich its portfolio and expand its execution
capabilities.
India is the highest receiver of remittances globally
and last year that figure was USD 80 Bn.
As per McKinsey’s 2020 Global Payments report, Covid -19 has led to the
reduction of cash and the increase of digital payments both domestic and cross
border. COVID-19’s impact on the top and bottom lines of bank P&Ls and the
need to continue investing in technology to offer a compelling value
proposition require banks to determine the strategic role and their level of
ambition in payments. The SME segment will likely be the driver of this growth.
Commenting on the fund raise, Naushad Contractor, CEO, Fable Fintech, said, “We are elated to onboard marquee investors and look forward to their insights in enriching and realizing our vision. In the last 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 with ZERO compromise on global compliance, AML & KYC norms. Our platforms are ready for global deployment now.”
Ashish Kacholia Added, “Fable will continue to expand
the proposition to newer markets – thereby working towards making cross border
transactions more agile, seamless and accessible to customers of Banks, MSBs
and anyone who needs platforms like these across the world.”
“Fable platforms are proudly made in India but have
proven over time that can be deployed globally. Now is the right time to
transition these platforms that are already processing large volumes to banks
across the world with minor adaptations. This will give the banks the advantage
they need before it’s too late and non-banks increase the lead they already
have in such a way that is becomes unsurmountable,” Gireendra Kasmalkar from
Pentathlon Ventures commented.
Fable has processed around 8 mn transactions
aggregating to an estimated USD 16 bn. Fable’s platforms offer bank-grade
security, compliance and technology compatibility to facilitate faster
go-to-market. The company embraces partnerships with other remittance &
network companies like Mastercard, Visa, Ripple and Western Union ensuring that
they are able to integrate with anyone their client wishes.
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