Airtel Africa, a subsidiary of India’s Bharti-Airtel, has announced a $200m investment in its mobile money division by Qatar Holding LLC, an affiliate of the Qatar Investment Authority (QIA).
This follows a $200m investment by TPG ‘s Rise Fund, an organisation that specialises in social impact, growth, and venture capital, in March. It had also gotten a $100m investment from Mastercard in Airtel Mobile Commerce BV (AMC BV) in April.
AMC BV is a subsidiary of Airtel Africa that functions as the holding company for several of the company’s mobile money operations across 14 African countries.
The mobile money division is one of the largest financial services providers on the continent. It enables users to make mobile payments, international money transfers, borrow money, and use virtual credit cards.
The investment deal will be completed in two tranches, with the first $150m probably in August and $50m at a yet unspecified date.
Comparing revenue from Q1 2020 with Q1 2021, Airtel saw a significant increase in revenue at $1.03b, dwarfing Q1 2020’s revenue of $899m by 21.7%.
In its Q1 financial report, Airtel’s Mobile Money accounted for the least revenue at $110m. However, it surpassed the $83m of Q1 2020 by 38.7%. Its mobile money customer base went from 18.3 million in Q1 2020 to 21.7 million in Q1 2021, an 18.5% increase.
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