IFC commits $90 million to Airtel Money IPO as African fintech targets London listing

International Finance Corporation, the private-sector arm of the World Bank Group, has agreed to invest up to $90 million in Airtel Money as a cornerstone investor in the digital financial services company’s proposed initial public offering on the London Stock Exchange.

According to IFC’s investment disclosure dated September 29, 2026, the institution has approved an equity investment of up to £67.2 million, equivalent to approximately $90 million, in Airtel Mobile Commerce N.V., the fintech arm of Airtel Africa. The investment remains pending disbursement.

Airtel Money targets London capital markets

Airtel Money announced its intention in September to list on the main market of the London Stock Exchange, with existing shareholders selling shares and no new capital being raised by the company.

The proposed transaction is expected to give Airtel Money a valuation of approximately $8 billion to $9 billion, while the final offer price is expected to be determined after the book-building process.

IFC’s investment will make it a cornerstone investor, providing an early institutional commitment to the offering.

53 million users across 13 African markets

Airtel Money serves approximately 53 million monthly active users across 13 Sub-Saharan African markets as of June 30, 2026.

Its footprint spans Chad, the Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Republic of Congo, Rwanda, Tanzania, Uganda, Zambia and Seychelles.

The platform provides mobile wallets, payments and other financial services, including transfers, merchant payments, savings, lending, insurance and virtual cards. It also operates a network of more than 2.3 million agents and over 490,000 merchants.

Airtel Money builds scale ahead of IPO

Airtel Money’s revenue reached $1.35 billion for the financial year ended March 2026, while its EBITDA margin was approximately 50%.

The company’s revenue grew at a compound annual growth rate of 32% between 2018 and 2026, while EBITDA grew at a 40% CAGR over the same period. Total processed transaction value reached $213 billion in the 12 months to June 2026.

Airtel Africa, which is majority-owned by Indian telecom group Bharti Airtel, beneficially owns 77.85% of Airtel Money. Following the IPO, Airtel Africa is expected to remain a long-term strategic shareholder.

IFC targets financial inclusion and African capital markets

IFC said its investment is expected to support financial inclusion by expanding access to mobile wallets, payments, lending, insurance and savings across Airtel Money’s operating markets.

The institution also expects its participation to help mobilise additional private capital and strengthen African capital markets by supporting a major African fintech’s international equity-market listing.

For Airtel Money, the proposed London listing represents the next stage in the development of a digital financial-services platform that has expanded from mobile money into a broader financial ecosystem serving millions of consumers and businesses across Africa.