Fable Fintech in Series A funding round

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Fable Fintech, which is an online money transfer processing start-up, has said that it has picked up a Series A funding round – though it did not specify how much money has been raised.
  • A wide range of investors have come on board, including a former banker as well as a variety of venture capital funds and stock market investors.
  • The company said that it was delighted to have what it described as “marquee investors” on board – and looked back on a few years of progress and growth for the firm to date.

An international money transfers company based in Mumbai has revealed that it has raised Series A funding.

Fable Fintech said that it had gone through the funding process and secured an amount of money in funding – though it did not disclose how much it had raised.

It is believed that a number of key investors were part of the funding round.

These are understood to include a venture capital fund named Pentathlon Ventures.

Stock market investors Lashit Sanghvi and Ashish Kacholia were also included, and an ex-banker named Sumeet Kanwar joined the list.

Some of the company’s previous investors were also included – these are Paytm and Infibeam Avenues.

It is understood that the new income streams will be used primarily to expand the firm’s services in a range of key markets.

These are the Middle East and Africa as well as other locations such as North America.

The company also plans to use the cash to add new products to its stable – and to improve its capacity to execute requests.

In a statement, the chief executive officer of the company said that the company was pleased to be bringing various new investors into the fold.

Naushad Contractor said that there would be a process of insight sharing during which the firm would listen to what the new investors had to say.

“We are elated to onboard marquee investors and look forward to their insights in enriching and realizing our vision,” he said.

Contractor also spent time looking back over the firm’s progress to date.

He pointed out that the company has worked hard to bring out “latent fintech potential”.

“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 (Anti-Money Laundering) and KYC (Know Your Customer) norms,” he added.

He explained that the company was raring to go.

“Our platforms are ready for global deployment now,” he said.

Fable Fintech is a fast-growing Indian firm, and it currently has 20 clients on its list across eight nations around the world.

Its clients include currency exchange firms, banks and others.

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