Fable Fintech in talks with foreign banks to raise Rs 100 cr


New Delhi: Cross-border payment solutions provider Fable Fintech on Tuesday said it is in talks with a clutch of foreign banks for equity capital infusion of Rs 100 crore in the current fiscal year.

The banking infrastructure company, which enables cross-border payments faster, cheaper and interoperable, is said to be in talks with more than six foreign banks to raise capital.

Without divulging their names, Fable said it is in advanced talks with these potential investors to raise funds at a valuation of nearly USD 100 million.

It has also appointed an investment banker from Europe to manage the fundraise plan and the transaction is expected to close by the next two quarters.

"We are looking at raising funds for long-term growth. The company is sufficiently funded right now to meet its funding requirement for 12-18 months," Naushad Contractor, Founder & CEO of the company, stated.

He said the company also intends to expand its global footprint after opening offices in Singapore, USA, UAE, and London in 2021.

PTI

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