Home / Industry / Banking /  Airtel Payments Bank raises 225 crore from parent

Airtel Payments Bank has raised 225 crore from its parent company Bharti Airtel and Bharti Enterprises for the purpose of business expansion, a person aware of the development told Mint.

“The company will use the funds to augment the mobile money business," the person said.

Bharti Airtel had started payments bank over three years ago and has 9.8 million active users as of September end, according to the company’s quarterly report. It had 8.3 million users as of June end.

Airtel Payments Bank’s revenue as of September end is 853 million. Bharti Airtel will declare earnings for December quarter on February 4.

The development comes a week after the company announced that 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.

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