RemitGuru operator Fable Fintech gets funding from Paytm, Infibeam and others

Mumbai: Fable Fintech, which operates the online remittance service RemitGuru, has raised an undisclosed amount from Pentathlon Ventures, stock market investors Ashish Kacholia and Lashit Sanghvi and former Wall Street banker Sumeet Kanwar.

Existing investors Paytm and Infibeam Avenues also participated in the funding.

ET first reported the deal on May 12. RemitGuru was set to raise $50 million from a group of investors including Paytm, Infibeam and Pentathlon Ventures among others, according to the report.


“We are elated to onboard marquee investors and look forward to their insights in enriching and realising our vision,” said Naushad Contractor, chief executive officer, Fable Fintech. “In the last 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.”

“Fable will continue to expand the proposition to newer markets—thereby working towards making cross-border transactions more agile, seamless and accessible to customers of Banks, MSBs and anyone who needs platforms like these across the world,” said Kacholia.

Fable Fintech had recently applied to the Registrar of Companies for a name change. The company continues to operate its flagship brand—RemitGuru. The startup caters to about 20 banks, currency exchange companies and money service businesses in eight countries.