African Fintech Unicorn Flutterwave Expands Remittance Product to India Through Partnership with Induslnd Bank
African Fintech unicorn, Flutterwave, has partnered with Induslnd Bank, an Indian financial services company headquartered in Mumbai, to offer its remittance product in India. This collaboration will enable Flutterwave to expand its remittance product, Send App, to India, the 5th largest economy in the world, bridging the gap between the African continent and India.
Flutterwave’s CEO, Olugbenga Agboola, expressed his enthusiasm about the company’s expansion to India, stating that it will be the first African company to offer a seamless and efficient remittance service for transfers from India to Africa. Agboola, who is currently in India attending the Nigeria-India Business Roundtable, mentioned that Flutterwave will actively seek additional partnerships to further enhance its presence in India.
By partnering with Induslnd Bank, Flutterwave is establishing a quick and secure remittance corridor from the UK to India. In addition, the company is exploring the possibility of expanding the partnership to include remittances between Nigeria and India. Agboola emphasized the importance of a well-defined regulatory collaboration between the two nations, as it would promote knowledge sharing, technology transfer, and enhance the Nigeria-India remittance corridor.
Another significant partnership for Flutterwave is with Capgemini, a global consulting and technology services firm. This collaboration aims to facilitate Flutterwave’s digital transformation to Microsoft Azure and create an engineering mobility program that promotes knowledge sharing and technology transfer between Nigerian and Indian Engineers.
Flutterwave’s expansion to India comes shortly after the announcement of the company’s plans for an initial public offering (IPO) to access larger partners. The decision to go public follows the successful resolution of financial impropriety allegations in Kenya. This year, Flutterwave has also launched Tuition, a product that enables African users to pay fees to educational institutions locally and internationally using local currencies. The company has also formed a partnership with Token.io to offer pay-by-bank capabilities.
Since its establishment in 2016, Flutterwave has witnessed remarkable growth and has become one of the fastest-growing payment companies globally. With its presence in approximately 30 African countries, Flutterwave aims to develop payment infrastructure that connects Africa to the global economy.
In conclusion, Flutterwave’s partnership with Induslnd Bank allows the African Fintech unicorn to expand its remittance product, Send App, to India, opening up new opportunities for seamless and efficient transfers between India and Africa. The company’s expansion efforts align with its mission to build payment infrastructure and enhance Africa’s connectivity to the global economy.
