Mumbai based Fable Fintech, a B2B provider of cross-border payment processing platforms, announced a Series-A funding round for an undisclosed amount.

According to a statement issued by Fable Fintech, the round was led by India-based investors such as venture capital firm Pentathlon Ventures, stock market investors Ashish Kacholia and Lashit Sanghvi, and former Wall Street banker Sumeet Kanwar. This round was also attended by existing investors Paytm and Infibeam Avenues.

Fable Fintech provides a money transfer technology system to banks/money transfer operators/payment banks that wish to launch their digital remittance business. Currently Processing Transactions in over 60 countries, It has partnered with payment gateways across the globe.

Fable Fintech's current shareholders include ICICI Bank, Secocha (Parekh Family of Pidilite Industries), and Muthoot Fincorp. Paytm, Muthoot, Infibeam, and Pidilite are also investors in Fable Fintech.

Fable Fintech is being seed-funded by the CCAvenue Group, South East Asia’s number 1 eCommerce service provider providing payment gateway “CCAvenues” and processing transactions worth over 10 billion USD annually.

The news fund will be used by the film to expand the company’s product footprint across Asia, North America, the Middle Easr, and Africa and also it will continue to invest in new products in order to diversify its portfolio and expand its execution capabilities.

"We are elated to onboard marquee investors and look forward to their insights in enriching and realising our vision," says, Naushad Contractor, CEO, Fable Fintech.

"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.

The startup has no compromise on global compliance and KYC norms. "Our platforms are ready for global deployment now," he added.

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

Currently, the startup serves 20 banks, currency exchange companies, and money service businesses (MSBs) in eight different countries.

The company has processed approximately eight million transactions totaling approximately $16 billion. Fable's platforms provide bank-grade security, compliance, and technology compatibility, allowing for a faster time to market.