Airtel Money is targeting a valuation of up to $9 billion in a London listing that could raise about $800 million, as the mobile financial services business seeks to tap global investors and establish itself as a standalone African fintech.
Airtel Money, the financial services arm of telecoms group Airtel Africa, plans to list on the London Stock Exchange in one of the city’s biggest initial public offerings in years.
The International Finance Corporation (IFC) has agreed to invest up to £67.2 million ($90 million) as a cornerstone investor, subject to the final offer price and other conditions, Airtel Money said in its intention-to-float announcement.
The IPO will consist of existing shareholders selling shares rather than Airtel Money issuing new stock. That means the company itself will not receive fresh capital from the offering. Airtel Africa owns 77.85% of Airtel Money and intends to remain a long-term shareholder following the listing.
Reuters reported last week that the IPO could raise around $800 million and value Airtel Money at between $8 billion and $9 billion. The final valuation and offer size have yet to be determined.
53 million users across 13 African markets
Airtel Money has grown from a mobile-phone payment service into a broader digital financial platform serving approximately 53 million monthly active users as of June 30, 2026.
The business operates across 13 African markets and has more than 2.3 million agents, over 490,000 merchants and more than 3,700 enterprises on its platform.
Its total processed transaction value reached $213 billion in the 12 months to June 2026, while revenue for the financial year ended March 2026 rose to $1.346 billion.
Airtel Money reported an EBITDA margin of about 50%, with revenue having grown at a compound annual rate of 32% between 2018 and 2026, according to the company’s IPO documents.
The platform offers money transfers, merchant payments, lending, savings, insurance and other financial services.
A decade-long transformation
Airtel Money was launched in 2011 as part of Airtel Africa’s telecommunications business. Its growth reflects the rapid expansion of mobile-based financial services across African markets, where mobile phones have become an important channel for payments and access to financial products.
The business has also attracted strategic investors. In 2021, TPG, Mastercard, Qatar Investment Authority and Chimetech invested a combined $550 million for minority stakes in Airtel Money, valuing the business at about $2.65 billion at the time.
By 2025, Airtel Africa had begun preparing for a potential flotation, appointing Citigroup as lead adviser.
The listing was initially targeted for the first half of 2026 but was delayed as market conditions deteriorated amid geopolitical tensions and volatility. Reuters reported that the company subsequently moved ahead with plans for a second-half listing.
London listing puts fintech under public-market scrutiny
Airtel Africa selected London as its preferred listing venue in July, saying the market would give Airtel Money access to a broad international investor base.
The company formally announced its intention to float on September 23.
The prospectus, expected in early October, will provide further details including the indicative price range and offer size. Final pricing is expected in mid-October after the book-building process. Airtel Money expects at least 10% of its shares to be in public hands after admission.
For Airtel Africa, the listing provides a way to establish a public-market valuation for its rapidly expanding fintech business while retaining majority ownership.
For investors, the flotation will provide a direct opportunity to value one of Africa’s largest mobile-money platforms at a time when digital payments and financial services are expanding across the continent.
The final price will determine whether Airtel Money can achieve the valuation range being discussed ahead of the listing.
