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Flutterwave: The First African Fintech Company to Expand into India



Flutterwave: The First African Fintech Company to Expand into India

Flutterwave, the San Francisco- and Lagos-based fintech unicorn led by Nigerian tech billionaire Olugbenga Agboola, is making history by becoming the first African company to expand its reach to India, the second-largest economy in Asia.

iexclusivenews reports that this expansion is part of Flutterwave’s mission to revolutionize Africa’s lagged payments landscape and streamline cross-border remittances.

A Pivotal Partnership with IndusInd Bank

Flutterwave’s entry into the Indian market is made possible by a strategic partnership with IndusInd Bank Ltd., one of India’s leading financial services providers.

IndusInd Bank caters to approximately 35 million customers across various segments, including retail, corporate, and microfinance.

This online outlet learnt that this partnership marks a significant milestone in Flutterwave’s journey, as it will enable smoother and faster financial transactions between Africa and India.

Agboola, co-founder and CEO of Flutterwave, expressed his excitement about this new venture, stating:

“The Indian expansion for the fintech unicorn 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 Nigeria’s President Bola Tinubu to India for the G20 summit, believes this collaboration will usher in an era of enhanced economic cooperation and development between the two regions.

A Rapid Rise in the Fintech Sector

iexclusivenews reports that Flutterwave, founded in 2016, has rapidly gained prominence in the fintech sector.

It has secured investments from renowned venture capital firms like Tiger Global Management LLC and forged strategic partnerships with industry giants such as Alibaba’s Alipay, Uber Technologies Inc., Audiomack, and Netflix Inc.

Earlier this year, Flutterwave achieved unicorn status after raising $170 million in a Series C round, valuing the company at over $1 billion.

It also sealed a pivotal technological partnership with Microsoft, the multinational tech corporation co-founded by U.S. billionaires Bill Gates and Paul Allen.

In addition to collaborating with IndusInd Bank, the fintech unicorn has also inked an agreement with French company Capgemini, an IT service management company.

This partnership aims to reinforce 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.

A Vision for the Future of Payments

Flutterwave’s expansion into India aims to reshape cross-border financial transactions, creating a more efficient and seamless experience for users in Africa and India.

With its impressive track record and formidable partnerships, the fintech unicorn appears well-positioned for success in this new venture.

The fintech unicorn vision is to connect Africa to the world through its innovative payment solutions. By expanding into India, it is taking a giant leap towards achieving this vision.

Flutterwave, the first African fintech unicorn, expands into India through a partnership with IndusInd Bank. Learn more about this historic move.