Africa's Biggest Startup Flutterwave Expands to India

Highlights

• Flutterwave is expanding its remittance product, Send App, into India after partnering with IndusInd, an Indian bank with around 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 expansion comes weeks after the startup CEO said it would forge ahead with its IPO plans. Since June, it has onboarded several new international partners and widened its market base.

Source: Bloomberg

Our Takeaway

Regardless of the country they come from, immigrants face several common problems such as adapting to the banking systems of their new homes and also sending money back home. In 2022, migrant remittances reached $626 billion globally. For many African countries, these remittances are an important source of foreign exchange. Some countries even encourage their citizens to find work overseas so they can send money back home. But this several hundred billion dollar migrant remittance market is a broken sphere that startups like Flutterwave are looking to address.