Flutterwave, one of the most popular fintechs in Africa, has announced that it is entering the Indian market after it signed a partnership with IndusInd Bank Limited, a leading financial institution in India.
The news comes after Flutterwave CEO Olugbenga Agboola was invited with a list of guests to tag alongside President Bola Tinubu to the G20 summit in the South Asian country.
Details
According to Olugbenga Agboola, the agreement will enable Flutterwave, worth about $3 billion, to expand its remittance product into the country banking on IndusInd Bank’s 35 million customers across the country, including individuals, large corporations, and various government entities.
“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,” Mr Agboola said.
“We are a partnership-driven organization. So, as we see more bank partners to work with in India, we’ll definitely embrace that,”.
He also said the company has secured an agreement with French company Capgemini, an IT service management company, to help strengthen its engineering infrastructure.
The Bigger Picture
Flutterwave recently announced it forging ahead with its plans for an initial public offering (IPO).
Flutterwave saw payment processing business through its payments app, SendApp, increase 23-fold in the first half of this year compared with the same period in 2022, while payments through point-of-sale (PoS) devices rose more than fivefold, and revenue in its small and medium business units jumped almost fourfold.
Source: Bloomberg
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