Flutterwave, Africa’s most valued startup, has expanded into India to offer its remittance product after partnering with IndusInd, the 6th largest bank in India by assets.
Flutterwave is expanding its remittance product, Send App, into India after partnering with IndusInd, an Indian bank with approximately 35 million customers. The partnership will allow Flutterwave, which is present in 30 African countries, to send money from the 5th largest economy in the world to the African continent.
“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,” Olugbenga Agboola, the co-founder and CEO of Flutterwave, told Bloomberg. Agboola is currently in India with Nigeria’s tech minister, Bosun Tijani, and President Bola Tinubu ahead of the upcoming G20 summit. He added that the fintech will look for more partners to increase its presence in India.
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The fintech’s expansion into India comes weeks after Agboola announced that the startup would forge ahead with its IPO plans. Since June, the startup has onboarded several new international partners and widened its market base in anticipation of its IPO and this new partnership could serve as a boost to the Lagos-based startup’s plan to go public.
In June, Flutterwave acquired a payment services license in Egypt and made Kigali its settlement hub in East Africa. In July, the fintech announced an integration with the International Air Transport Association’s (IATA) Financial Gateway (IFG) to enable Africans to pay their airline fees in their local currencies. Despite a Kenyan court freezing its accounts in June, the fintech secured name approval for its remittance business in August and is a few steps closer to acquiring a money remittance license from the Central Bank of Kenya.
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