The bulk of capital is earmarked for later-stage rounds, where South African venture funding has long been thinnest.
Browsing: FirstRand
Lytania Johnson has been named FNB CEO after Harry Kellan stepped down after just two years in the role.
FirstRand has deepened its bet on AI fintech Optasia, spending R1.48-billion to lift its stake to 26.1%.
Optasia sees formal banking as a massive growth opportunity as microfinancing overtakes its airtime advance business.
A PwC analysis shows technology investment is accelerating as incumbents face pressure from challenger banks.
JSE-listed fintech Optasia has smashed its listing guidance, with revenue up 76% and users climbing 43% to 432 million.
Optasia will list on the JSE at a valuation of R23.5-billion following the closing of its bookbuilding exercise.
FirstRand Group has committed R4.7-billion to buy 20.1% of soon-to-be-listed multinational fintech Optasia.
With one notable exception, IT spend in South Africa’s banking sector has remained relatively stable.
Total IT spend at FirstRand for the financial year ended 30 June 2024 reached R19.3-billion, up 8% from 2023’s figure.