African Fintech Unicorn Flutterwave Expands Remittance Product to India Through Partnership with Induslnd Bank

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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.

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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.

Frequently Asked Questions (FAQs) Related to the Above News

What is Flutterwave?

Flutterwave is an African Fintech unicorn, specializing in payment solutions and financial services across the continent.

What is the remittance product offered by Flutterwave?

Flutterwave offers a remittance product called Send App, which allows for seamless and efficient transfers of funds between different countries.

Who has Flutterwave partnered with to expand their remittance product to India?

Flutterwave has partnered with Induslnd Bank, an Indian financial services company, to offer its remittance product in India.

Why is Flutterwave expanding to India?

Flutterwave is expanding to India to bridge the gap between the African continent and India, as well as to tap into the opportunities presented by India being the 5th largest economy in the world.

What other partnerships has Flutterwave formed?

Flutterwave has also formed partnerships with Capgemini, a global consulting and technology services firm, and Token.io, to enhance its services and facilitate digital transformation.

Will Flutterwave explore more partnerships in India?

Yes, Flutterwave intends to actively seek additional partnerships in India to further enhance its presence and offerings in the country.

Are there plans to expand the remittance partnership with Induslnd Bank to other countries?

Flutterwave is exploring the possibility of expanding the partnership with Induslnd Bank to include remittances between Nigeria and India, creating a well-defined remittance corridor.

What are Flutterwave's plans for the future?

Flutterwave has announced plans for an initial public offering (IPO) to access larger partners and continue its expansion efforts. Additionally, the company aims to develop payment infrastructure that connects Africa to the global economy.

What other products and services does Flutterwave offer?

In addition to remittance services, Flutterwave offers products like Tuition, which enables African users to pay fees to educational institutions, and pay-by-bank capabilities through a partnership with Token.io.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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