Airtel Money Eyes London’s Biggest Fintech IPO Since Wise

Airtel Africa is stepping up preparations for the planned London Stock Exchange listing of its mobile financial services business, Airtel Money, by expanding its investment banking syndicate in what could become one of the largest fintech public offerings in London’s recent history.

The telecommunications group has invited additional global investment banks to pitch for roles on the transaction, with Citigroup continuing to lead the deal. According to people familiar with the process, the IPO could value Airtel Money at approximately $10 billion (£7.5 billion) while raising between $1.5 billion and $2 billion.

The listing is now targeted for the second half of 2026, following a slight delay from the earlier first-half timetable amid geopolitical market volatility.

Airtel Money Posts Strong Revenue Growth

The planned flotation comes after another year of strong financial performance by Airtel Money. For the financial year ended March 2026, Airtel Money generated $1.35 billion in revenue while serving 54.1 million customers across 14 African markets.

The business has evolved beyond peer-to-peer money transfers into a broader financial services platform offering merchant payments, savings products, cross-border transfers and digital lending.

Citigroup Leads Expanded IPO Syndicate

Citigroup is leading preparations for the London listing, with Airtel Africa now seeking additional international investment banks to strengthen the underwriting syndicate.

The expanded banking group is expected to support investor marketing, book-building and distribution as the company prepares what could become the UK’s largest public market debut since fintech company Wise listed in London in 2021.

If completed at the targeted valuation, Airtel Money would rank among the biggest fintech listings ever undertaken in the UK capital market.

IPO Helps Address Shareholder Commitments

The listing is also strategically important because it helps Airtel Africa meet commitments made to minority investors who backed Airtel Money in 2021.

Investors including TPG’s The Rise Fund and Mastercard invested in the mobile money business under agreements containing a “put option.” If Airtel Money fails to list on a qualifying public exchange within the agreed timeframe, those investors could require Airtel Africa to repurchase their holdings.

That obligation represents a potential liability estimated at approximately $515 million, giving the company an additional incentive to complete the IPO within the contractual window.

Separating Airtel Money from Airtel Africa’s core telecommunications business is expected to unlock shareholder value by allowing investors to independently assess the high-growth fintech operation.

While telecom operators typically require significant capital expenditure to expand network infrastructure, mobile money businesses often command higher valuation multiples because of their scalable digital platforms and faster earnings growth.

A standalone listing would also provide institutional investors with direct exposure to Africa’s rapidly expanding digital payments market without investing in the broader telecommunications business.

Fresh Capital to Accelerate Expansion

Proceeds from the IPO are expected to support Airtel Money’s next phase of growth across Africa.

The additional capital could be deployed to expand merchant payment services, strengthen cross-border money transfer capabilities, increase digital lending, and introduce new financial products for consumers and businesses.

The investment would also help Airtel Money compete more aggressively with established regional mobile money providers, including Safaricom’s M-Pesa in East Africa and MTN’s MoMo platform across several African markets.

Growing smartphone adoption, rising internet penetration and increasing demand for cashless transactions continue to create significant opportunities for digital financial services providers across the continent.