Financial technology (fintech) company Optasia has successfully listed on the main board of the JSE, with its initial public offering (IPO) having been priced at R19 apiece.

The listing marks a defining milestone in the company’s journey to expand financial inclusion across emerging markets, including by using technology such as AI.

Optasia says its IPO had exceptional demand from both South African and international institutional investors.

The offering was several times oversubscribed, raising R6.5-billion, or $375-million, which implies a market capitalisation of R23.5-billion based on 1.23-billion shares in issue.

“This IPO is not just a financial milestone, it is a celebration of our belief in purpose, people and our potential. The overwhelming interest from investors is a strong vote of confidence in what we have built and in the opportunities that lie ahead,” comments Optasia CEO Salvador Anglada.

Ahead of the IPO, one of South Africa’s leading financial institutions First Rand made a strategic investment for a 20.1% stake in Optasia through an off-market transaction.

Optasia has grown from a single-country airtime credit provider in 2012 into one of the world’s largest AI-powered fintech platforms.

Today the company reaches more than 120-million active users each month across 38 countries, processing more than 31-million transactions daily.

Optasia’s proprietary B2B2X platform enables mobile operators and financial institutions to extend credit and liquidity responsibility to underserved populations using real-time data and AI-driven affordability assessments.

Anglada says joining the JSE gives the company a stronger base to grow, innovate and scale its impact.

“From a street vendor expanding their business with a micro-loan to a young entrepreneur staying connected through mobile credit, Optasia exists to open doors of opportunity where they’re needed most. This listing marks the start of an exciting new chapter of growth and impact.”

With 1.7-billion people still being “unbanked” globally and mobile penetration continuing to rise, Optasia is uniquely positioned to lead the next phase of inclusive finance by combining AI, data and deep partnerships to unlock financial opportunity at scale.

Meanwhile, Standard Bank says Optasia is now the largest fintech IPO on the JSE and the largest fintech listing since 2018, providing investors with access to high-growth, emerging market platform business underpinned by AI technology.

Standard Bank is an equity partner in Optasia, having supported the company from early-stage startup phase to its successful listing on the JSE.

The bank also acted as a joint global coordinator, stabilisation manager and transaction sponsor in the IPO process.

Standard Bank Corporate and Investment Banking structured capital head Yusuf Noorbhai says Optasia’s fintech platform enables financial institutions and mobile network operators to drive financial inclusion through microfinancing and airtime credit services.

According to consultancy BDO, Africa’s fintech market is poised to grow to $65-billion by 2030, led by South Africa, Nigeria, Kenya and Egypt.

“As Africa’s leading investment bank, we are deeply privileged to have been partners to Optasia, its founder and shareholders, not only as an adviser and funding partner, but importantly as an equity investor catalysing private equity capital at multiple stages of the Optasia growth journey,” Noorbhai states.

He adds that this is testament to Standard Bank’s unmatched expertise in delivering a market-leading value proposition in public and private markets across Africa.

“Optasia’s IPO represents a massive vote of confidence in the JSE as a listing venue for African companies, including high-growth technology-enabled businesses,” Noorbhai concludes.