Airtel Money, the digital financial services business of Airtel Africa, has announced plans to undertake an initial public offering (IPO) and list its ordinary shares on the London Stock Exchange.
The company said it intends to seek admission of its shares to the equity shares (commercial companies) category of the Official List of the UK Financial Conduct Authority (FCA) and trading on the Main Market of the London Stock Exchange.
Airtel Money also announced the signing of a cornerstone agreement with the International Finance Corporation (IFC).
The proposed listing comes as Airtel Money expands its digital financial services business across 13 African markets, with approximately 53 million monthly active users as of June 30, 2026.
The company was established to provide mobile-led financial services to consumers with limited access to traditional banking services, using Airtel Africa's telecommunications network and technology infrastructure.
Its platform supports a range of transactions, including cash deposits and withdrawals, peer-to-peer transfers, international money transfers, bill and online payments, merchant payments and salary disbursements.
Customers in some of its markets can also access micro-loans, savings accounts, insurance, wealth products and Mastercard virtual cards for e-commerce transactions.
Airtel Money's growth
Airtel Money said its customer base grew at a compound annual growth rate (CAGR) of 20% between the year ended March 31, 2018, and the 12 months ended June 30, 2026.
Over the same period, its penetration of Airtel Africa's telecom subscriber base increased from 20% to 41%.
The platform's total processed value (TPV) also increased at a 33% CAGR in U.S. dollar terms, reaching $213 billion in the 12 months ended June 30, 2026.
The growth has translated into higher revenue and earnings. Airtel Money recorded a 32% revenue CAGR and a 40% EBITDA CAGR in U.S. dollar terms between the year ended March 31, 2018, and the 12 months ended June 30, 2026.
Revenue reached $1.346 billion for the year ended March 31, 2026, while EBITDA margin was approximately 50%.
The company said its pre-tax cash conversion ratio remained above 90% in each of the last three financial years.
Airtel Money has no external borrowings, while capital expenditure accounted for 3% of revenue in the year ended March 31, 2026.
No new capital from IPO
The proposed IPO will involve the sale of shares by existing shareholders rather than the issuance of new shares.
Airtel Money said no new capital would therefore be raised through the offering.
The company was launched within Airtel Africa in September 2011 and is part of Bharti Enterprises, the Indian conglomerate with interests spanning telecommunications, digital infrastructure, financial services, data centres and other sectors.
Airtel Africa currently beneficially owns 77.85% of Airtel Money's issued ordinary share capital.
In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding Ltd acquired minority stakes in Airtel Money for a combined consideration of $550 million.
Following the proposed IPO, Airtel Africa is expected to remain a long-term strategic shareholder.
Airtel Money targets next phase of growth
Ian Ferrao, CEO of Airtel Money, said the proposed London listing would support the company's next phase of expansion.
"Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange. In just over a decade we have grown into one of Africa's largest fintech platforms, built upon a scalable technology stack and an agent network that delivers essential financial services to approximately 53 million users every month, translating into strong revenue growth and industry-leading margins, delivered by a highly experienced management team.
“A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve. Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031, and we can capture this opportunity by accelerating conversion of the growing Airtel Africa telco subscriber base, moving customers onto our app where they transact more often, and by broadening the range of products we offer them.
“We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative, which is why this Offer consists solely of shares sold by existing shareholders and no new capital is being raised. This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”
The proposed listing would make Airtel Money an independently listed business while retaining Airtel Africa as a strategic shareholder.
The transaction remains subject to the necessary regulatory and other conditions, including the publication of the relevant offering documentation and completion of the IPO process.
