Airtel Mobile Commerce, Airtel Africa’s mobile money venture, has raised $200 million from TPG’s impact investment arm, The Rise Fund.
Following the completion of the Transaction, the Rise Fund will own a minority interest in Airtel Mobile Commerce, with Airtel Africa owning the remaining majority stake.
Airtel Mobile Commerce is now priced at $2.65 billion as a result of the investment.
“In line with our vision of enhancing financial inclusion, Airtel Africa provides a unique digital mobile financial services platform under the Airtel Money brand,” says Raghunath Mandava, CEO of Airtel Africa.
Airtel Africa is in talks with other potential investors about making additional minority investments in Airtel Money, up to a total of 25% of Airtel Mobile Commerce issued share capital.
The Investment funds will be used to minimize Group debt and invest in network and sales infrastructure in the different countries of operation.
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