Flutterwave, Africa’s payment startup has partnered with the Industrial Credit and Investment Corporation of India (ICICI), one of India’s largest banks, to provide its payment services to Indian businesses.
The agreement will enable Flutterwave, worth an estimated $3 billion, to 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.
Read also: Flutterwave moves forward with IPO plans for global expansion
IndusInd Bank has approximately 35 million customers across the country, including individuals, large corporations, and various government entities, according to information on its website, Bloomberg reported.
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.
Bloomberg reported that the company also secured an agreement with French company Capgemini, an IT service management company it sees as helping strengthen its engineering infrastructure.
“We are a partnership driven organisation. So as we see more bank partners to work with in India, we’ll definitely embrace that,” Agboola said.
