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San Francisco- and Lagos-based fintech unicorn Flutterwave, led by Nigerian tech billionaire Olugbenga Agboola, is taking a giant leap in its mission to revolutionize Africa’s lagged payments landscape by expanding its reach to India.
This expansion comes hot on the heels of a pivotal partnership with IndusInd Bank Ltd., one of India’s leading financial services providers.
This expansion into India, the second-largest economy in Asia, is part of Flutterwave’s ongoing efforts to broaden its global footprint and streamline cross-border remittances. The partnership with IndusInd Bank marks a significant milestone in the fintech firm’s journey.
Agboola, co-founder and CEO of Flutterwave, expressed his excitement about this new venture, stating: “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 Nigeria’s President Bola Tinubu to India for the G20 summit, believes this collaboration will usher in an era of smoother financial transactions between the two regions.
This development coincides with Nigeria’s active efforts to establish stronger trade and investment ties with India, which currently ranks as the world’s sixth-largest economy, boasting a GDP of $3.38 trillion in 2022.
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, to expand its global reach, Flutterwave 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, a Mumbai-based financial services provider catering to approximately 35 million customers, Flutterwave 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.
Flutterwave’s entry into the Indian market 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.
