Fable Fintech, a leading global banking infrastructure SaaS company has set sights on its international business. The company announced foray into five key regions including the US, UK, Africa, Middle East and Asia Pacific through dedicated offices and leadership teams. By 2024, the company expects its global process flows to around $40 billion in wake of the cross-border banking infrastructure business opportunity. Since its inception in 2017, Fable has already executed projects for 36 banks and money transfer operators across 11 countries; and successfully processed transactions worth $11 billion in the process. Fable is also strengthened its team presence across the new markets by inducting marquee talent with decades of country experience, and successful careers at global financial institutions.
Commenting on the global expansion,Naushad Contractor, CEO, Fable Fintech, said,“We are taking this step after well-founded planning and rock-solid results that hold a mirror to our high-performing solution platforms in Africa, Asia, and the Middle East, in addition to a dipstick scale of implementations in the United Kingdom and the United States of America. Global cross-border payments are an exciting business opportunity with payments volumes expected to cross the $ 156 trillion mark in 2022. As a truly global company from India, we are expanding our focus to offer the best solutions in cross border to global companies and in the process, strengthen our leadership in a fast-evolving landscape.”
Fable Fintech spreads its arms for global reach after proving its effectiveness in the complex remittance-sending and receiving landscape of the Indian subcontinent. As such, Fable stands tall for bringing control, profitability, and agility to financial institutions in their payments business. It helps them in reducing systemic inefficiencies and providing end-to-end solutions that uphold speed, transparency, cost-effectiveness, and interoperability. Cross-border payments are pacing up in frequency and the norms are changing every day. Disruption in this space is already in spate because of a large of new entrants taking advantage of radical improvements. Senders have more payment-sending modes at their disposal and avail quicker settlement times. The banks and money transfer operators that offer payments facilities to their customers have to match pace as well.Use-cases encompass peer-to-peer transfers, bill payments, e-commerce, mortgage, and hospital payments with a variety of collection and fund delivery modes.
Fable Fintech’s product suites are tailored to help their clients – banks and financial institutions – launch, manage and grow their payments business. Fable recently launched its API Hub – a plug and play platform for open banking adoption. The Fable API Hub would facilitate banks to improve onboarding and integration experience for its large and medium corporate banking customers, ERP systems, aggregators and pay-out partners for cross border, FX and trade transactions. Earlier this year, the company raised Series-A funding from marquee investors, including Pentathlon Ventures, stock market investors Ashish Kacholia&Lashit Sanghvi and former Wall street banker Sumeet Kanwar, and participation existing investors PayTM&Infibeam Avenues. Fable has processed around 8 mn transactions aggregating to an estimated USD 14 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 Swift, Mastercard, Visa, Ripple, and Western Union.