Africa’s Biggest Payment Startup Flutterwave Expands To India
Flutterwave Inc., Africa’s largest payments startup, is expanding to India after securing a partnership with IndusInd Bank Ltd.
(Bloomberg) -- Flutterwave Inc., Africa’s largest payments startup, is expanding to India after securing a partnership with IndusInd Bank Ltd., a leading financial institution in the Asian nation.
The agreement will enable Flutterwave, worth an estimated $3 billion, expand its remittance product into Asia’s second-biggest economy, said Olugbenga Agboola, co-founder and CEO of the pan-African payments company, who accompanied President Bola Tinubu to India for the G20 summit. “The Indian expansion for Flutterwave will be the first African company to do this at scale where remittances from India to Africa become seamless and quick,” Agboola said in an interview Friday.
IndusInd Bank has approximately 35 million customers across the country, including individuals, large corporations, various government entities, according to information on its website.
Since its founding in 2016, Flutterwave has rapidly expanded and now has a presence in about 30 African countries. Agboola has led funding rounds, with one in January last year tripling the company’s valuation to $3 billion.
Based in Lagos and San Francisco, Flutterwave has attracted investments from venture capital firms including Tiger Global Management LLC, and works with companies including Alibaba’s Alipay, Uber Technologies Inc. and Netflix Inc.
The company also secured an agreement with French company Capgemini, an IT service management company it sees helping strengthen its 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.
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