Flutterwave Expands to The Indian Market, Partners With Induslnd Bank
Nigerian fintech company Flutterwave has expanded to India, through a partnership with Induslnd Bank, an Indian financial services headquartered in Mumbai.
Through this partnership, Flutterwave will expand its remittance product, Send App, to the fifth largest economy in the world, which signifies the fintech company’s foray into India’s vast remittance market.
According to Flutterwave CEO Olugbenga Agboola, he said that the recent expansion to India will see a groundbreaking precedent, as the company aims to streamline and expedite remittance from India to Africa.
He further emphasized Flutterwave’s commitment to partnership-driven growth, which he disclosed his openness to collaborating with more banking partners in India.
Agboola made this expansion deal in India after he got an invite from Nigeria’s President Bola Tinubu, for the G20 summit.
According to the information available on its website, IndusInd Bank serves a diverse customer base of approximately 35 million individuals, large corporations, and various government entities across the country. This huge customer base is expected to provide long-term cross-border payment-inspired growth for Flutterwave.
Before now, Flutterwave had witnessed significant growth, buoyed by its expansion to many other countries in Africa. The payment giant has expanded to 30 African countries since its founding in 2016. Its current move into the Indian market is expected to double its valuation, currently placed at $3 billion.
Recently, in August this year, Flutterwave announced that it has extended its remittance solution to the United States and Canada, enabling money transfers from those countries to Africa.
The African unicorn has attracted significant investments from venture capital firms like Tiger Global Management and formed partnerships with notable companies such as Alibaba’s Alipay, Uber Technologies, and Netflix.
Flutterwave’s expansion into India is expected to positively impact the company’s chances at IPO. According to Agboola, IPO serves as a means to achieve its objectives to bolster interactions with international clients and uphold global compliance protocols.
