African payments startup, Flutterwave, has partnered with IndusInd Bank to enter the Indian market According to Reports.
Flutterwave’s Co-Founder and CEO, Olugbenga Agboola, announced a groundbreaking achievement, positioning Flutterwave as the pioneer African company to enhance remittances from India to Africa, simplifying the process for users. Currently in India at the invitation of Nigerian President Bola Ahmed Tinubu for the Nigeria-India Business Roundtable during the G-20 Summit, Agboola expressed his intent to seek additional partners to expand Flutterwave’s presence in India. He emphasized the potential benefits of a more robust regulatory partnership between the two nations, such as promoting information sharing, technology transfer, and enhancing the Nigeria-India remittance corridor.
Agboola also confirmed that Flutterwave would proceed with its initial public offering (IPO) to access more strategic partners, indicating an impending expansion into the Indian market. Notably, a survey revealed that IndusInd Bank, a prominent Indian financial institution, serves approximately 35 million clients across the nation, including individuals, large enterprises, and government entities.
Since its inception in 2016, Flutterwave has experienced rapid growth and now operates in nearly 30 African countries, boasting a valuation of $3 billion following an investment round in January 2022. The company has established strategic partnerships with prominent entities like Netflix, the International Air Transport Association (IATA), Uber Technologies, and Alibaba’s Alipay. Flutterwave’s engineering infrastructure recently received a boost through a collaboration with the French firm Capgemini.
Agboola emphasized Flutterwave’s commitment to collaborative partnerships with Indian banks and announced the company’s expansion of its remittance solution to the United States and Canada. This expansion extends the reach of the Send App to a total of 34 countries, enabling users to send and receive money seamlessly.