Dubai-based fintech Optasia plans to raise 6.3 billion rand ($365 million) in South Africa as it prepares to expand its global footprint and pursue acquisitions amid growing demand for digital finance.
- The details: Optasia will sell 1.3 billion rand in new shares through an initial public offering on the Johannesburg Stock Exchange, while its founders will offer 5 billion rand of shares via a private placement.
- The company has hired Morgan Stanley and Standard Bank Group as joint advisors, with Investec serving as bookrunner, according to a regulatory filing.
What they’re saying:
“The idea is to fuel our growth; we are also looking at geographical diversification outside of Africa, and in Asia and potentially Latin America,” said CEO Salvador Anglada.
“South Africa specifically is also an important market for us, where we do between 10% and 15% of our business already.”
Why it matters
Optasia’s listing comes as investors flock to AI-driven companies, following a 30% gain in South Africa’s benchmark stock index this year. The FTSE/JSE Africa All Share Index hit a record high earlier this week.
Context
Founded in 2012 by Nigeria-born Lebanese entrepreneur Bassim Haidar, Optasia uses AI and 5,000+ data points to assess creditworthiness and provide microloans and cash advances to underbanked customers.
The company partners with MTN Group, Vodacom, Standard Bank, and Ecobank across 38 countries in Africa, the Middle East, and Asia.
- Optasia says its system processes 32 million instant credit decisions daily, serving 121 million active users.
- The company has extended more than $20 billion in small loans to date — about $380 million per month.
Big picture
Fintechs like Optasia are racing to reach the 1.3 billion unbanked adults globally, concentrated in countries such as Nigeria, Egypt, India, and China, according to the Global Findex 2025 survey.
Zoom out
Last year, Boxer Retail Ltd. raised over 8 billion rand in South Africa’s largest IPO since 2017, underscoring renewed investor confidence in Johannesburg’s market.
“Johannesburg is one of the leading exchanges in terms of emerging markets, with the right liquidity, governance and connectivity,” Anglada said.
What’s next
Optasia expects to meet investors in the coming weeks to determine the final IPO pricing, which could value the firm above $1 billion, following a previous stake sale by Rohatyn Group last year.
Source: Bloomberg
