The Rise Fund to acquire a 7.55% stake in Airtel Mobile Commerce from Airtel Africa and Bharti Airtel for $200m.

The Rise Fund, a global impact investing platform of TPG Capital, agreed to acquire a 7.55% stake in Airtel Mobile Commerce, a mobile money operations, from Airtel Africa, a multinational company that provides telecommunications and mobile money services in 14 countries, for $200m. "In line with our vision of enhancing financial inclusion, Airtel Africa offers a unique digital mobile financial services platform under the Airtel Money brand. In most of our markets there is limited access to traditional financial institutions, and little banking infrastructure, with less than half of the population having a bank account across sub-Saharan Africa. Our markets therefore afford substantial market potential for mobile money services to meet the needs of the tens of millions of customers in Africa who have little or no access to banking and financial services, and this demand is driving growth," Raghunath Mandava, Airtel Africa CEO.