Airtel Africa continues funding spree with fresh investment

Airtel Africa continues its funding spree with it reportedly closing a fresh $200m investment from Qatar Holding, an affiliate of sovereign wealth fund Qatar Investment Authority.

These funds have been earmarked to reduce debt and invest into network and sales infrastructure in operating countries, according to a report from TechCrunch.

The capital will be deployed across two separate tranches, the first of which is $150m. The remaining $50m will be invested at a later date.

Following the close of the deal, Qatar Holding will hold a minority stake in the business. Airtel remains the majority shareholder.

Airtel Africa is currently valued at $2.65bn, according to the report.

This investment comes just months after Airtel Africa netted $200m from TPG’s Rise Fund. Subsequently, the FinTech company then raised $100m from MasterCard just two weeks later, which was used to grow digital payment services across Africa.

Airtel Africa, which was founded in 2010, provides telecommunications and mobile money services across Africa. Its services are currently used in Niger, Chad, Nigeria, Uganda, Kenya, Gabon, DRC, Tanzania, Seychelles, Congo, Rwanda, Malawi, Madagascar and Zambia.

The FinTech company has experienced steady growth over the past year, with its revenue increasing by 53.7% year-over-year, the article said. Other financials include an increase of transaction volume by 64.4% to $14.7bn and a 24.6% growth in customers to 23.1 million. In Q1 2021, its EBITDA hit $60m.

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