Flutterwave, a leading payment startup in Africa, has recently revealed its plans to expand its operations into the Indian market. This is a major milestone for the company, achieved through a strategic partnership with IndusInd Bank Ltd., a prominent financial institution in India.
The partnership agreement was signed during the G20 summit in India, where Flutterwave's CEO and co-founder, Olugbenga Agboola, was present alongside Nigeria's President, Bola Tinubu. Bloomberg reported on this significant development.
The collaboration between Flutterwave and IndusInd Bank is a significant milestone for both companies. It provides a seamless way for financial transactions and remittances between Africa and India. CEO of Flutterwave, Olugbenga Agboola, expressed excitement about the partnership, saying that Flutterwave is the first African company to expand to India at scale, enabling quick and effortless remittances from India to Africa.
Flutterwave has experienced remarkable growth since its inception in 2016, leading to its current position as a payment giant and a leading player in the African fintech ecosystem. Its operations have expanded to 30 African countries, and now it's expanding into the Indian market. This move is expected to double its current valuation of $3 billion, showcasing its impressive growth trajectory.
On the contrary, IndusInd Bank has a wide-ranging clientele consisting of nearly 35 million people, significant corporations, and different government organizations spanning across India. This extensive network of customers makes the bank an ideal partner for Flutterwave, providing prospects for long-term cross-border payment-based expansion.
By: Kanto Okanta
