September 17, (THEWILL) – Flutterwave co-founder and CEO, Olugbenga Agboola seems to have overcome the challenges of the past year: A former staff accusing him of alleged bullying and intimidation; his company being accused of alleged money laundering and getting blacklisted in Kenya and later having the financial impropriety case against it dropped; dealing with billions allegedly stolen from the company’s account, etc. Like a phoenix that rose from the ashes of the past, as soon as the case of financial impropriety in Kenya was dropped, he immediately invested in the healthcare industry and got on the board of Lagoon Hospital.
Five months after that move, he has again grabbed another opportunity to expand his business. Following the business inroads that President Bola Tinubu recently made in India, he has signed a partnership with IndusInd Bank Limited, a leading financial institution in the South Asian country. This he did on the sidelines during the G20 Summit. The agreement will enable Flutterwave, worth about $3 billion, to expand its remittance product into the country, banking on IndusInd Bank’s 35 million customers, including individuals, large corporations and various government entities.
If Agboola succeeds with this, Flutterwave will be the first African company to do this at a scale where remittances from India to Africa become seamless and quick. This latest development is coming just as the company plans for an initial public offering (IPO). Since its founding in 2016, Flutterwave has rapidly expanded and now has a presence in about 30 African countries.
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