Flutterwave enters the Indian market with landmark partnership with IndusInd bank

Flutterwave, Africa’s largest payments startup, has made its foray into the Indian market through a strategic partnership with IndusInd Bank Ltd., a prominent financial institution in India. This move marks an important expansion for the fintech, valued at approximately $3 billion, as it extends its remittance services into Asia’s second-largest economy.

During the company’s visit to India for the G20 summit (the premier forum for international economic cooperation), Olugbenga Agboola, co-founder and CEO, emphasized the significance of this collaboration. The CEO 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.

IndusInd Bank, on the other hand, has a vast customer base of around 35 million individuals, large corporations, and various government entities spread across India, making it a formidable partner for Flutterwave’s expansion efforts.

Founded in 2016, Flutterwave has experienced rapid growth, establishing its presence in at least 30 African countries. The company’s valuation soared to $3 billion, with Olugbenga Agboola spearheading successful funding rounds, including one in January of the previous year.

Operating from locations in Lagos and San Francisco, Flutterwave has attracted investments from prominent venture capital firms like Tiger Global Management LLC. It has also entered into collaborations with renowned companies such as Alibaba’s Alipay, Uber Technologies Inc., and Netflix Inc.

In addition to its Indian expansion, Flutterwave has entered into a strategic agreement with the French company, Capgemini, an IT service management firm. This partnership is expected to bolster Flutterwave’s engineering infrastructure, further solidifying its position in the industry.

Olugbenga Agboola noted the fintech’s commitment to partnerships, indicating a willingness to collaborate with more bank partners in India as part of Flutterwave’s ongoing growth strategy.

Read More: Flutterwave launches ‘Tuition’ for African students to pay school fees abroad with local currency

About Flutterwave

The company was founded by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya and is headquartered in San Francisco, California. It has operations in Nigeria, Kenya, Uganda, Ghana, South Africa, and seven other African countries. In 2021, Flutterwave raised a US$170 million Series C funding round.

The fintech was awarded Nigeria’s top payment processing license by the Central Bank of Nigeria, enabling it to facilitate direct transactions between banks and cards, bypassing intermediaries.

The company’s technological advancement has opened the doors to scalable business opportunities, liberating enterprises from the constraints of location and currency. Businesses now have the tools to access untapped markets worldwide, whether through online platforms or in-person interactions.

It facilitates transactions through a wide range of payment methods, including debit and credit cards, bank accounts, bank transfers, Mobile Money wallets, M-Pesa, Visa QR, American Express, and USSD.

Moreover, the fintech supports various platforms, from eCommerce websites to in-person point-of-sale (POS) systems and smartphones, spanning both Android and iOS, as this flexibility ensures that businesses can adapt to their customers’ preferred channels seamlessly.

Furthermore, it provides the capability to transact in over 150 currencies, including the Naira, Dollars, Euro, Yuan, and Pounds. By enabling businesses to overcome long-standing sales bottlenecks, Flutterwave empowers them to embark on a path to global growth and prosperity.

This transformation is not only making businesses more agile and competitive but is also contributing to the economic advancement of Nigeria and the broader African continent. For Flutterwave, the success of these businesses is a source of pride and fulfilment.

Read More: Gbenga Agboola says Flutterwave’s IPO plans remain on track despite unstable market