African fintech giant, Flutterwave, is making its mark in India through a strategic partnership with IndusInd Bank Ltd., a prominent financial institution in the Asian nation.
This collaboration marks a significant milestone for Flutterwave, which is valued at approximately $3 billion, Bloomberg reported. “It signifies their foray into India’s vast remittance market, the second-largest economy in Asia.”
Olugbenga Agboola, the co-founder and Chief Executive Officer (CEO) of this pan-African payment company, made this announcement while accompanying President Bola Tinubu to the G20 summit in India.
According to Mr Agboola, this expansion into India will set a groundbreaking precedent, as it aims to streamline and expedite remittances from India to Africa.
IndusInd Bank boasts a vast customer base of around 35 million individuals, large corporations, and various government entities across India, as detailed on its website.
Since its establishment in 2016, Flutterwave has experienced rapid growth, establishing its presence in approximately 30 African nations.
Mr Agboola has been instrumental in orchestrating successful funding rounds, including one in January of the previous year that tripled the company’s valuation to $3 billion.
Headquartered in Lagos and San Francisco, Flutterwave has garnered investments from prominent venture capital firms such as Tiger Global Management LLC. Additionally, it collaborates with notable companies like Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc.
In another strategic move, the company has inked an agreement with the French firm Capgemini, a renowned Information Technology (IT)service management company, to reinforce its engineering infrastructure.
Mr Agboola emphasized Flutterwave’s commitment to partnership-driven growth, hinting at its openness to collaborating with more banking partners in India.