AI Fintech Optasia Eyes Asian Expansion After South African IPO

(Bloomberg) — AI-powered fintech firm Optasia Group is eying expansion in Africa, Asia and Latin America following a Johannesburg Stock Exchange listing on Tuesday that will value it close to $1.4 billion.

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The Dubai-headquartered firm will also widen its credit offerings to include buy-now-pay later options and virtual credit and will consider acquisitions in Asia or Latin America to build market presence, Chief Executive Officer Salvador Anglada said.

“If we find the right company that helps us accelerate growth, we will consider it,” he said in an interview Friday. “We’re going to continue growing in Africa. We also see Asia as our next destination.”

Morgan Stanley and Standard Bank Group Ltd. are helping with the listing that will mark South Africa’s biggest initial public offering of the year. Investec is the bookrunner.

Optasia is also expected to set a trend for other fintech firms considering bourse listings to take advantage of demand for AI-powered investments and strong recent gains on the JSE, which is traditionally known for mining and banking.

The firm closed its share sale at 19 rand apiece and will have 1.24 billion shares in issue, implying a market value of 23.5 billion rand ($1.4 billion). Lender FirstRand Ltd. took a 20.1% stake.

“A successful Optasia debut would be a welcome signal for South Africa’s listings pipeline, demonstrating that the JSE remains a credible platform for large, innovative, Africa-centric growth companies,” said Fatima Vawda, chief executive officer of 27four Investment Managers. “It could help re-energize market sentiment and showcase the exchange’s relevance beyond traditional sectors.”

Founded in 2012, Optasia operates in 38 countries mostly in Africa, the Middle East and Asia. Using AI and about 5,000 data points, the company assesses creditworthiness to offer microloans and cash advances to underbanked customers through mobile partners including MTN Group Ltd. and Vodacom Group Ltd.

“We’ll continue forming agreements with distribution partners and financial institutions, and we’re open to opportunities that accelerate our growth, especially in regions where we’re not yet well established,” Anglada said.

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