Flutterwave, a San Francisco and Lagos-based fintech unicorn helmed by Nigerian tech millionaire Olugbenga Agboola, is expanding its reach to India as part of its aim to overhaul Africa’s lagging payments scene.
This growth follows a critical cooperation with IndusInd Bank Ltd., one of India’s major financial services companies.
Flutterwave’s entry into India, Asia’s second-largest economy, is part of the company’s continued attempts to grow its worldwide reach and ease cross-border remittances. The collaboration with IndusInd Bank is a big step forward in the fintech firm’s career.
According to Agboola, co-founder and CEO of Flutterwave, “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 accompanied Nigerian President Bola Tinubu to India for the G20 conference, believes that this collaboration will pave the way for smoother financial transactions between the two areas.
This development corresponds with Nigeria’s active efforts to strengthen trade and business links with India, the world’s sixth-largest economy, with a GDP of $3.38 trillion in 2022.
Flutterwave, which was launched in 2016, has quickly risen to prominence in the financial industry. It has received funding from well-known venture capital firms such as Tiger Global Management LLC and formed strategic alliances with industry titans such as Alibaba’s Alipay, Uber Technologies Inc., Audiomack, and Netflix Inc.
Flutterwave signed a critical technological alliance with Microsoft earlier this year to boost its global reach, co-founded by US billionaires Bill Gates and Paul Allen.
Flutterwave has signed an arrangement with Capgemini, a French IT service management business, in addition to cooperating with IndusInd Bank, a Mumbai-based financial services provider with over 35 million consumers. This collaboration intends to strengthen Flutterwave’s engineering infrastructure.
“We are a partnership-driven organization. So as we see more bank partners to work with in India, we’ll definitely embrace that,” Agboola said, emphasizing Flutterwave’s commitment to building robust alliances to support its growth trajectory.
Flutterwave’s debut into the Indian market intends to transform cross-border financial transactions, providing customers in Africa and India with a more efficient and frictionless experience. The fintech unicorn is well-positioned for success in this new initiative, owing to its outstanding track record and formidable relationships.
