Through a strategic relationship with IndusInd Bank Ltd., a preeminent financial institution in India, Africa’s most successful payments company, Flutterwave, has entered the Indian market.
Flutterwave is currently the market leader in Africa. As a result of this decision, the financial technology company, which is now estimated to be worth roughly $3 billion, will now be able to offer its money transfer services in the economy that is the second-largest in Asia.
Olugbenga Agboola, co-founder of the company and current CEO, made a point to emphasise the significance of this relationship while the company was in India for the G20 conference, which is the main venue for international economic cooperation.
The CEO emphasized that this growth would establish Flutterwave as the first African firm to support seamless and quick remittances from India to Africa on a huge scale. He said this would establish Flutterwave as the first African company to facilitate large-scale remittances.
For its part, IndusInd Bank is a formidable partner for Flutterwave’s expansion ambitions because of its massive client base, which includes over 35 million individuals, large enterprises, and numerous government institutions dispersed across India.
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How Flutterwave expands
Since its inception in 2016, Flutterwave has gone through a period of tremendous expansion, expanding its footprint to at least 30 nations across Africa. Olugbenga Agboola was the driving force behind the company’s successful investment rounds, notably the one that took place in January of the previous year. As a result, the company’s worth rose to $3 billion.
Flutterwave, a company that operates out of offices in Lagos and San Francisco, has been successful enough to garner financing from notable venture capital firms such as Tiger Global Management LLC. In addition to this, it has formed partnerships with well-known businesses such as Alipay, which is owned by Alibaba, Uber Technologies, Inc., and Netflix, Inc.
Flutterwave has engaged into a strategic collaboration with the French company Capgemini, which is a corporation that specialises in IT service management. This comes on the heels of the company’s growth into India. It is anticipated that this agreement would strengthen Flutterwave’s engineering infrastructure, thereby further consolidating the company’s place in the industry.
As part of Flutterwave’s continued growth plan, Olugbenga Agboola highlighted the fintech’s dedication to partnerships, suggesting a willingness to cooperate with additional bank partners in India.
Flutterwave launches ‘tuition’ payments in local currency for Nigerians in Diasporas
More on Flutterwave
Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya are the founders of the corporation, which has its headquarters in the city of San Francisco in the state of California. It conducts business in a total of eight nations across the African continent, including Nigeria, Kenya, Uganda, Ghana, and South Africa. In 2021, Flutterwave completed a Series C investment round that brought in 170 million US dollars.
The Central Bank of Nigeria has granted the financial technology company Nigeria’s most prestigious payment processing licence, which enables the company to conduct direct transactions between banks and cards while avoiding the need of intermediaries.
The technology development made by the corporation has made it possible for businesses to take advantage of scalable business prospects, freeing them from the restrictions imposed by geography and currency. There are now technologies available to businesses that allow them to contact untapped markets all over the world, whether they choose to do so through internet platforms or in-person interactions.
Transactions can be carried out via a diverse selection of payment methods, such as debit and credit cards, bank accounts, bank transfers, Mobile Money wallets, M-Pesa, Visa QR, American Express, and USSD.
Additionally, the fintech supports a variety of platforms, such as eCommerce websites, in-person point-of-sale (POS) systems, and smartphones, covering both Android and iOS. This flexibility guarantees that businesses can effortlessly adapt to the channels that are favoured by their clients, which is a major benefit of the fintech.
In addition to that, it gives users the ability to conduct business in over 150 different currencies, some of which are Naira, Dollars, Euro, Yuan, and Pounds. Flutterwave gives companies the ability to break through long-standing sales obstacles, which opens the door for them to embark on a path that leads to worldwide expansion and wealth.
This transformation is not only making businesses more nimble and competitive, but it is also contributing to the economic progress of Nigeria and the greater African continent as a whole. The accomplishments of these companies provide Flutterwave with a sense of pride and a sense of accomplishment.