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Fable Fintech focuses on PSU banks for its forex transactions platform
January 10, 2023
Fable Fintech, a global banking infrastructure company, is in talks with PSU banks to enable them to provide payment business to their customers.
Fable, which enables SaaS-powered platforms to undertake cross-border, corporate, trade and FX transactions, offers its technology platforms to nine out of 10 large private sector banks, including HDFC Bank, ICICI Bank, IDFC First Bank and public sector Canara Bank.
The company plans to deploy its platform in the top five PSU banks in India.
Founder & CEO, Fable Fintech, Naushad Contractor, said the company would acquire 10 to 12 new overseas customers before March. In India, it will be predominantly PSU banks.
The company aims to process 50 million cross-border transactions worth $27 billion in this financial year, he said.
“We are targeting PSU banks as they are well run and well governed. We provide technology to banks and money service businesses,” he said.
In the last financial year, transactions worth $14 billion (about ₹1.16 lakh crore) were processed using the company’s technology, he said.
“We are also looking to raise funds in the range of ₹30 crore-₹100 crore in the next one year and aim to turn profitable in 8 to 12 months,” Naushad added.
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