Flutterwave, a leading African fintech company, has entered the Indian market through a strategic partnership with IndusInd Bank Ltd., a significant financial institution in India. This expansion aims to extend Flutterwave’s remittance services into Asia’s second-largest economy.
Flutterwave’s Olugbenga Agboola expressed his gratitude to His Excellency, President Bola Ahmed Tinubu GCFR, who requested that the Co-founder and CEO join him at the Nigeria-India Business Roundtable which took place on the sidelines of the G-20 Summit. G20 India.
During his visit, Mr. Agboola emphasised the significance of this partnership. He highlighted that this expansion would establish Flutterwave as the first African company to facilitate seamless and swift remittances from India to Africa on a large scale. “I have a lot of respect for the impressive strides the India Stack has had on driving financial inclusion and I believe that using the Nigeria Inter-Bank Settlement Systems PLC (NIBSS /BVN platform) and National Identity Number (NIN) as foundations, we are already far along in the “Nigeria Stack” to financially include millions of Nigerians,” the CEO said in a statement.
IndusInd Bank has a substantial customer base of approximately 35 million individuals, large corporations, and government entities in India. This customer base makes IndusInd Bank a formidable partner for Flutterwave’s expansion efforts.
Through IndusInd Bank, we are building a quick and secure remittance corridor from the UK to India.
Olugbenga Agboola, Co-founder and CEO of Flutterwave
Founded in 2016, Flutterwave has experienced rapid growth and has established a presence in at least 30 African countries. The company’s valuation is approximately $3 billion, and it has successfully raised funds through various funding rounds.
Flutterwave has previously collaborated with prominent companies like Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc. These partnerships have contributed to its growth and success. The CEO said his company’s partnership with Capgemini, a French IT service management firm, involves assisting its digital transformation to Microsoft Azure and creating Flutterwave’s first-ever engineering mobility program to facilitate knowledge sharing and technology transfer between Nigerian and Indian Engineers.
The startup, headquartered in San Francisco and Lagos, had plans to extend its presence into Asia. Back in 2019, the company announced its search for new team members in various countries, and notably, India and China were among the countries listed outside of Africa. They were looking to hire individuals for the role of ‘Expansion Associate,’ tasked with overseeing and driving the growth of Flutterwave’s operations in Asia.
