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Flutterwave: African First Fintech Payment Startup Expands to India

Flutterwave African First Fintech Payment Startup Expands to India

Flutterwave, a San Francisco and Lagos fintech startup, is making history by becoming the first African fintech startup to reach India, the second largest economy in Asia.

Futterwave announced that it is expanding to India after securing partnership with the Induslnd Bank Ltd, a leading financial institution in the Asian Nation.

The partnership will enable Flutterwave, with a value of about $3 billion, to expand its remittance products into Asia’s second biggest economy.

Moreover, the fintech’s expansion is part of its mission to revolutionize Africa’s lagged payments landscape and streamline cross-border remittances.

Currently, Indulsand Bank caters for approximately 35 million customers across various segments including retail, corporate and microfinance in Asia.

Besides, the new partnership is a significant milestone in flutterwave’s journey as it will enable smoother and faster financial transactions between Africa and India

A huge milestone for Flutterwave

Nigerian tech billionaire Olugbenga Agboola, co-founder and CEO of flutterwave who accompanied President Bola Tinubu to the G20 Summit expressed his excitement milestone.

“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 revealed in an interview on Friday.

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In addition to collaborating with Induslnd Bank, the fintech has also inked an agreement with French Company Capgemini, an IT service Management firm.

Earlier this year, Flutterwave achieved a unicorn status after raising $170 million in a series C round, making the company to hit the highest figures in its valuation on the stock markets.

The Company has also sealed technological partnerships with Microsoft, a multi-national corporation.

In June, Flutterwave acquired a payment service license in Egypt and made Rwanda’s capital Kigali its East African business hub.

Likewise, the company announced an integration with the International Air Transport Services to help customers in remitting payments.

Also Read: Kenya Beats Nigeria in Value of Startup Funding in H1 2023

Since its founding in 2016, Flutterwave has rapidly expanded and now has a presence in about 30 African Countries.

The company has also attracted investments from various firms like Uber Technologies, Alibaba’s Alipay among others that are eager to use its services