Paytm-backed Fable Fintech gets early-stage funding

This round was led by India-based investors that include 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. 

In addition, existing investors -- Paytm and Infibeam Avenues-- also participated in this round. 

Current shareholders in Fable Fintech include ICICI Bank, Secocha (Parekh Family of Pidilite Industries) and Muthoot Fincorp. 

The fresh funds are mainly intended towards expansion of the company's product footprint across Asia, North America, Middle East and African markets, Fable Fintech said. 

Besides, the company said it will continue to invest into new products to enrich its portfolio and expand its execution capabilities. 

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 company has zero compromise on global compliance and KYC norms. "Our platforms are ready for global deployment now." 

Fable Fintech was started by Naushad Contractor, a fintech and payments executive with global experience, along with a few domain experts. It powers the cross-border remittance and payments processing solutions offered by banks, money transfer operators and other licensed entities to their retail and SME customers. 

Fable Fintech caters to 20 banks, currency exchange companies, and money service businesses (MSBs) across eight countries. 

The company has processed around eight million transactions aggregating to an estimated USD 16 billion. Fable's platforms offer bank-grade security, compliance and technology compatibility to facilitate faster go-to-market.