Airtel Payment Bank has raised ₹225 crore from its parent company Bharti Airtel and Bharti Enterprises for the expansion of the banking business, as per a source.
“The company will use the funds to augment the mobile money business,” the person said.
Bharti Airtel payment bank was started three years ago and it has 9.8 million active users as of September end, as per the company’s quarterly report. It had 8.3 million users as of June end.
Airtel Payments Bank’s earned revenue in September end which is ₹853 million. For december earnings, Bharti Airtel will declare the report on February 4.
This is happening just after the company had announced Bharti Airtel and cross-border payments facilitator Western Union have come together to launch a real-time payments service for Airtel customers across India and Africa.
Bhart Airtel offers Airtel Payments Bank service in India and a mobile wallet offering across 14 countries in Africa.