Airtel Mobile Commerce BV Revenue, Valuation, Funding & Investors

Airtel Mobile Commerce BV is valued at $2.5B as of December 2021, a 6.0x multiple on its last reported $417M revenue.

Last Airtel Mobile Commerce BV valuation

$2.5B

Secondary · Dec 2021

Last Airtel Mobile Commerce BV funding round

$100M

Strategic investment · Apr 2021

Airtel Mobile Commerce BV revenue

$417M

Secondary · Dec 2021

Key investors in Airtel Mobile Commerce BV

  • Qatar Investment Authority
  • Mastercard
  • The Rise Fund
  • Chimera Investment

Airtel Mobile Commerce BV Overview

About Airtel Mobile Commerce BV

Airtel Mobile Commerce BV is a subsidiary of Airtel Africa functioning as the holding entity for mobile money operations in 14 African countries such as Kenya, Uganda, Tanzania, and Nigeria. It operates platforms like Airtel Money for mobile wallets, international remittances, microloans, savings accounts, and virtual debit cards, processing millions of transactions daily across the continent.


Founded

2010

HQ

NetherlandsAmsterdam

Status

Privately held

Customer focus

B2C

Revenue model

Services

Revenue

$417M (Dec 2021)

Valuation

$2.5B (Dec 2021)

Airtel Mobile Commerce BV Valuation

Airtel Mobile Commerce BV is currently valued at $2.5B, based on its secondary sale in December 2021.

The $50M round was led by Chimera Investment.

Airtel Mobile Commerce BV's valuation has moved from $2.6B at its undisclosed-stage round in March 2021 to $2.5B in December 2021, across 4 priced rounds.

Airtel Mobile Commerce BV valuation by funding round

Revenue multiple
Airtel Mobile Commerce BV valuation by funding round
DateStageValuationRevenue Multiple
Dec 2021Secondary$2.5B6.0x
Jul 2021Secondary$2.6B5.3x
Apr 2021Strategic investment$2.6B6.6x
Mar 2021Undisclosed stage$2.6B6.0x

Airtel Mobile Commerce BV Revenue

Airtel Mobile Commerce BV's latest recorded revenue is $417M, as of its secondary sale in December 2021. At a $2.5B valuation, that implies a 6.0x revenue multiple.

Revenue moved from $440M in March 2021 to $417M in December 2021, while the revenue multiple moved from 6.0x to 6.0x.

Airtel Mobile Commerce BV revenue by funding round

Airtel Mobile Commerce BV revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2021$417M$2.5B6.0xSecondary
Jul 2021$496M$2.6B5.3xSecondary
Apr 2021$401M$2.6B6.6xStrategic investment
Mar 2021$440M$2.6B6.0xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Airtel Mobile Commerce BV Funding History

Airtel Mobile Commerce BV has raised a total of $300M across 2 funding rounds, plus 2 secondary share sales.

Airtel Mobile Commerce BV's first fundraising round was a $200M undisclosed-stage round in March 2021. The most recent completed round was a $100M strategic investment round in April 2021.

Airtel Mobile Commerce BV funding rounds

Airtel Mobile Commerce BV funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2021SecondaryChimera Investment (lead)$50M$2.5BAirtel Mobile Commerce BV (AMC BV) serves as the holding company for Airtel Africa's mobile money operations across 14 countries. On December 16, 2021, Chimera Investment LLC invested $50 million through a secondary purchase of shares from an Airtel Africa subsidiary, acquiring a minority stake alongside other investors like Qatar Investment Authority, TPG, and Mastercard, while Airtel Africa retained majority ownership. This transaction followed earlier 2021 investments totaling $550 million for approximately 21% of AMC BV, with buyers valuing the business at $2.5 billion. The proceeds supported debt reduction and infrastructure investments, aligning with Airtel Africa's strategy for asset monetization and a potential mobile money business listing within four years. For the full year ended March 31, 2021, Airtel Africa's mobile money businesses reported profits before tax of $185 million and gross assets of $668 million. Valuation multiples for Airtel Money stood at approximately 6x revenue and 12x EBITDA in 2021.
Jul 2021SecondaryQatar Investment Authority (lead)$200M$2.6BAirtel Mobile Commerce BV (AMC BV) is the holding company for Airtel Africa's mobile money operations across 14 countries in Africa, providing telecommunications and mobile money services to bank the unbanked. On July 30, 2021, Qatar Holding LLC, an affiliate of the Qatar Investment Authority (QIA), agreed to invest $200 million in AMC BV through a secondary purchase of shares from Airtel Africa, valuing the mobile money business at $2.65 billion on a cash and debt-free basis. QIA acquired a minority stake, alongside prior investors Mastercard ($100 million in April 2021) and TPG’s Rise Fund ($200 million in March 2021), with Airtel Africa retaining majority ownership. The deal closed in two tranches: $150 million in August 2021 and $50 million later. Proceeds from the QIA investment supported debt reduction and investments in network and sales infrastructure. In Q1 2021, AMC BV reported $124 million in revenue ($496 million annualized), $60 million EBITDA ($240 million annualized) at a 48.8% margin, 23.1 million customers (up 24.6% year-on-year), and $14.7 billion in transaction value ($59 billion annualized). For the full year ended March 2021, profits before tax attributable to mobile money businesses were $185 million.
Apr 2021Strategic investmentMastercard (lead)$100M$2.6BAirtel Mobile Commerce BV is the holding company for Airtel Africa's mobile money operations, providing financial services across 14 African countries including mobile wallet, international money transfer, loan products, and virtual credit card offerings to over 100 million subscribers. In March 2021, Mastercard invested $100 million into Airtel Mobile Commerce BV at a post-money valuation of $2.65 billion on a cash and debt-free basis, acquiring a 3.775% minority stake. The investment was structured in two tranches: $75 million at first close (within four months) and $25 million at second close, subject to certain closing conditions. Alongside the equity investment, Mastercard and Airtel Africa extended their commercial agreements and signed a new strategic framework covering card issuance, payment gateway services, payment processing, merchant acceptance, and remittance solutions across multiple geographies. This investment came less than a month after The Rise Fund (TPG's global impact investing platform) invested $200 million into the same mobile money business, demonstrating significant institutional interest in Airtel's financial services arm. Airtel Africa stated its intention to eventually list the mobile money business as a separate entity within four years, and indicated plans to monetize the business through minority investments up to 25% of issued share capital while using proceeds to reduce group debt and invest in network and sales infrastructure across all operating countries.
Mar 2021Undisclosed stageThe Rise Fund (lead)$200M$2.6BAirtel Mobile Commerce BV (AMC BV) is a wholly owned subsidiary of Airtel Africa plc, serving as the holding company for Airtel Africa's mobile money operations across 14 countries in Africa. Operating under the Airtel Money brand, it provides digital financial services including mobile wallet deposits and withdrawals, merchant payments, loans, savings, virtual credit cards, and international transfers, targeting underserved populations with limited access to traditional banking. On March 18, 2021, The Rise Fund, TPG's global impact investing platform, announced a $200 million investment in AMC BV through a secondary purchase of shares, valuing the business at $2.65 billion on a cash and debt-free basis. The deal closed in two tranches: $150 million at first close after transferring initial mobile money operations and contracts into AMC BV, and $50 million at second close upon further transfers. The Rise Fund acquired a minority stake, with Airtel Africa retaining majority ownership; the fund also gained board representation. The investment supports strategic asset monetization for Airtel Africa, with plans to potentially list up to 25% of AMC BV's shares via IPO within four years. Proceeds were earmarked to reduce debt and expand network and sales infrastructure across operating countries. In Q3 2020, the mobile money business reported $110 million revenue (annualized to $440 million), 41.1% year-on-year growth driven by 29% customer base expansion to 21.5 million and 9.7% ARPU growth, alongside $54 million underlying EBITDA (annualized to $216 million) at 48.7% margin; transaction value reached $12.8 billion quarterly ($52 billion annualized). This transaction highlights the rising prominence of mobile money in Africa's fintech landscape, where demand for inclusive financial services fuels rapid growth amid limited banking infrastructure. AMC BV's scale positions it as a leader, with discussions for additional minority investments up to 25% total share capital.

Who has invested in Airtel Mobile Commerce BV?

4 investors have backed Airtel Mobile Commerce BV across its funding rounds, including Qatar Investment Authority, Mastercard, The Rise Fund and Chimera Investment.

Lead investors include Chimera Investment, Qatar Investment Authority, Mastercard and The Rise Fund.


Airtel Mobile Commerce BV Investors

Investors in Airtel Mobile Commerce BV by funding rounds participated
InvestorHQRoundsRoleFirst check
Qatar Investment AuthorityQatarQatar1LeadJul 2021
MastercardUnited StatesNew York City, NY1LeadApr 2021

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Airtel Mobile Commerce BV Competitors

Airtel Mobile Commerce BV competitors include listed companies like PicPay, Wise and PayPay, and private ones like Naver Financial Corp., Félix and Chipper Cash.

Public and private companies comparable to Airtel Mobile Commerce BV
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Naver Financial Corp.South KoreaSeongnamPrivate--$2.3B-
FélixUnited StatesSan Francisco, CAPrivate--$1.4B-
Chipper CashUnited StatesSan Francisco, CAPrivate$75M-$1.3B16.7x
PicPayBrazilBrazilPublicly listed$1.2B$205M$1.2B0.5x
WiseUnited KingdomUnited KingdomPublicly listed$2.7B$631M$12B4.2x
PayPayJapanJapanPublicly listed$2.4B$746M$12B4.4x

Airtel Mobile Commerce BV Public Comps

Airtel Mobile Commerce BV is still privately-owned, but its public comps include Euronet Worldwide, Payoneer, Banco Inter, PagSeguro, Republic Bank, Flywire, Central Depository Services, Western Union, Al Ansari Financial Services and JTC.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Euronet Worldwide$4.2B$648M0.7x0.7x4.9x4.2x
Payoneer$821M($43M)2.6x2.0x(49.7x)7.5x
Banco Inter$1.6B-1.5x1.2x--
PagSeguro$4B$1.7B2.6x2.6x6.1x12.2x
Republic Bank$1.1B-2.4x---
Flywire$623M$45M3.0x2.6x41.8x11.9x
Central Depository Services$119M$65M23.9x22.5x43.7x-
Western Union$4.1B$926M0.5x0.5x2.1x2.2x

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Common questions about Airtel Mobile Commerce BV

When was Airtel Mobile Commerce BV founded?Airtel Mobile Commerce BV was founded in 2010.
Where is Airtel Mobile Commerce BV headquartered?Airtel Mobile Commerce BV is headquartered in Amsterdam, Netherlands.
Is Airtel Mobile Commerce BV publicly listed?No, Airtel Mobile Commerce BV is a private, VC-backed company.
What is Airtel Mobile Commerce BV's valuation?Airtel Mobile Commerce BV was last valued at $2.5B in its secondary sale in December 2021.
How much funding has Airtel Mobile Commerce BV raised?Airtel Mobile Commerce BV has raised $300M across 2 funding rounds.
What was Airtel Mobile Commerce BV's last funding round?Airtel Mobile Commerce BV's last funding round was a $100M strategic investment round in April 2021, led by Mastercard.
Who are Airtel Mobile Commerce BV's investors?Airtel Mobile Commerce BV's investors include Qatar Investment Authority, Mastercard, The Rise Fund and Chimera Investment.
What is Airtel Mobile Commerce BV's revenue?Airtel Mobile Commerce BV's latest recorded revenue is $417M (December 2021).
What is Airtel Mobile Commerce BV's revenue multiple?Airtel Mobile Commerce BV's latest valuation implies a 6.0x revenue multiple ($2.5B valuation on $417M of revenue).
Which companies are comparable to Airtel Mobile Commerce BV?Companies comparable to Airtel Mobile Commerce BV include Naver Financial Corp., Félix, Chipper Cash, PicPay, Wise and PayPay.

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