Fable Fintech Company Profile

Background

Fable Fintech, established in 2015, is a Mumbai-based financial technology company specializing in cross-border payment solutions. The company's mission is to expedite the digital transformation of financial institutions by providing technology, consulting, and collaborative services. Fable Fintech aims to create a world with seamless movement of value across borders, enhancing innovation, safety, security, and inclusion for customers globally.

Key Strategic Focus

Fable Fintech focuses on delivering end-to-end, fast, cost-effective, interoperable, and transparent cross-border payment solutions. The company caters to banks, financial institutions, and money transfer operators (MTOs), enabling them to launch or enhance their digital remittance services. Fable's platform supports operations in over 35 send-heavy and 65 receive-heavy countries, with more than 150 serviceable corridors and 34 installations across nine countries.

Financials and Funding

In June 2021, Fable Fintech secured Series A funding from investors including Pentathlon Ventures, stock market investors Ashish Kacholia and Lashit Sanghvi, former Wall Street banker Sumeet Kanwar, and existing investors Paytm and Infibeam Avenues. The funds are intended to expand the company's product footprint across Asia, North America, the Middle East, and African markets, as well as to invest in new products and enhance execution capabilities.

For the financial year ending March 31, 2022, Fable Fintech reported operating revenue between INR 1 crore and INR 100 crore. The company's net worth increased by 81.49%, while EBITDA decreased by 121.85%. Total assets grew by 59.59%, and liabilities decreased by 12.26%.

Technological Platform and Innovation

Fable Fintech offers a comprehensive suite of products designed to streamline cross-border transactions. The company's platform is built to work with both established partners and emerging technologies, enabling rapid go-to-market capabilities and seamless integrations. In December 2021, Fable launched the API Hub, a plug-and-play open banking platform that allows banks to streamline onboarding and integration processes for corporate customers, ERP systems, aggregators, and payout partners. The API Hub accommodates cross-border, FX, and trade transactions, featuring frictionless, inclusive, and customized features regardless of the client's technology stack.

Leadership Team

Naushad Contractor, CEO: With over 20 years of experience in the cross-border and digital payment ecosystem, Naushad has held leadership roles at Remit2India, Movida, and Vodafone M-Pesa.

Jayanta Gharat, CTO: Jayanta brings 12 years of experience in developing versatile banking and payment industry tools, including his role as a chief developer at Remit2India.

Nihar Jain, CPO: With over 14 years of experience in product lifecycle management and transaction banking at Finastra, Oracle Financial Services, National Payments Corporation of India, and Dell International Services, Nihar is a SAFe Agilist and an engineer.

Competitor Profile

Market Insights and Dynamics

The cross-border payments market is experiencing significant growth, driven by increasing globalization and the need for efficient, secure, and cost-effective international transactions. Financial institutions are seeking innovative solutions to modernize and manage their cross-border transaction pipelines to compete with the fintech onslaught.

Competitor Analysis

Fable Fintech's primary competitors include:

Cymonz: Offers a scalable and configurable international payments and currency exchange platform for banks, remittance companies, MSBs, retail chains, and fintechs.

TechRemit: Provides remittance money software development solutions, enabling businesses to grow with innovative money remittance software.

Machnet: An API platform offering end-to-end solutions to build international money transfer products.

These competitors focus on providing technology solutions for cross-border payments, targeting similar markets and leveraging comparable technologies.

Strategic Collaborations and Partnerships

Fable Fintech is backed by banks and leading investors from the payment ecosystem, including ICICI Bank, Paytm, Muthoot Fincorp, and stock investor Ashish Kacholia. These strategic partnerships strengthen Fable's market position and innovation capacity.

Operational Insights

Fable Fintech's platform model offers rapid go-to-market capabilities, excellent risk mitigation, high compliance with regulatory standards, and high profitability. The platform is built by a team of experts well-versed in the technology infrastructure of the cross-border ecosystem, supporting upwards of 8 million transactions to date and growing.

Strategic Opportunities and Future Directions

Fable Fintech plans to expand its global footprint after opening offices in Singapore, USA, UAE, and London in 2021. The company is in advanced talks with foreign banks to raise Rs 100 crore in the current fiscal year, aiming to further its growth and innovation in the cross-border payments space.