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  Flutterwave has entered the Indian market by collaborating with IndusInd Bank, the sixth-largest bank in India in terms of assets. This strategic partnership allows Flutterwave, Africa’s most valuable startup, to introduce its remittance product, Send App, to India, leveraging IndusInd’s vast customer base of around 35 million. The expansion facilitates the transfer of funds from India, the fifth-largest economy globally, to various African countries where Flutterwave already operates.
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Olugbenga Agboola, the co-founder and CEO of Flutterwave, expressed excitement about this development, stating, “The Indian expansion for Flutterwave will be the first African company to do this at a scale where remittances from India to Africa become seamless and quick.” Agboola, who is currently in India with Nigeria’s tech minister, Bosun Tijani, and President Bola Tinubu ahead of the upcoming G20 summit, also mentioned plans to seek additional partnerships to strengthen their presence in India.
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This expansion into India follows Agboola’s announcement of Flutterwave’s intent to proceed with its IPO plans. The startup has been actively expanding its international partnerships and market reach since June, aligning with its IPO preparations. This recent partnership with IndusInd serves as a significant step forward for the Lagos-based fintech company’s path to going public.
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In June, Flutterwave secured a payment services license in Egypt and established Kigali as its settlement hub in East Africa. In July, the fintech announced an integration with the International Air Transport Association’s (IATA) Financial Gateway (IFG) to enable Africans to pay their airline fees in their local currencies. Despite facing challenges, such as a Kenyan court freezing its accounts in June, Flutterwave received name approval for its remittance business in August and has moved closer to obtaining a money remittance license from the Central Bank of Kenya. Featured Image Source: Benjamin Dada
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This article was first published on 20th September 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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