According to reports, African payments startup Flutterwave has partnered with IndusInd Bank to enter the Indian market.
Olugbenga Agboola, Flutterwave Co-Founder and CEO asserts that this move makes Flutterwave the first African company to scale up remittances from India to Africa, easing the process for users.
Agboola, who is currently in India after receiving an invitation from Nigerian President Bola Ahmed Tinubu to attend the Nigeria-India Business Roundtable that took place on the fringes of the G-20 Summit, stated that Flutterwave will seek out more partners to expand its footprint in India.
A more intensive and clearly defined regulatory partnership between the two nations, he continued, may assist in advancing and encouraging information exchange and technology transfer as well as improving the Nigeria-India remittance corridor.
After CEO Agboola said that the firm would continue with its initial public offering (IPO) to get access to more significant partners, Flutterwave will soon expand to India.
According to a survey, IndusInd Bank, a top financial institution in India, provides services to almost 35 million clients nationwide, including private citizens, significant businesses, and governmental organizations.
Since launching in 2016, Flutterwave has expanded quickly and now operates in around 30 African nations. An investment round in January 2022 put the company’s valuation at $3 billion.
Over time, Flutterwave has partnered with firms like Netflix, the International Air Transport Association (IATA), Uber Technologies, and Alipay from Alibaba. The engineering infrastructure of Flutterwave was recently strengthened via a deal with the French business Capgemini.
According to Agboola, Flutterwave is a partnership-driven company that is eager to work with more Indian banks as partners.
Additionally, the business recently revealed that it had expanded its remittance solution to the United States and Canada, enabling money transfers from those nations to Africa. With this addition, the total number of nations where users can send and receive money using the Send App has increased to 34.
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