FirstRand has deepened its bet on AI fintech Optasia, spending R1.48-billion to lift its stake to 26.1%.
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Optasia sees formal banking as a massive growth opportunity as microfinancing overtakes its airtime advance business.
JSE-listed technology and telecommunications companies generate a combined R2.2-billion in revenue daily.
JSE-listed fintech Optasia has smashed its listing guidance, with revenue up 76% and users climbing 43% to 432 million.
LLH Capital targets high-growth, founder-led businesses with a focus on financial services and telecommunications.
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.
Optasia’s plans to list on the JSE could see the company valued at up to R23.5-billion in its public market debut.
Optasia, backed by former banker Michael Jordaan, plans a JSE listing to fund expansion across emerging markets.
Optasia, a fintech company partly owned by Ethos Capital, plans to list on the JSE and raise up to R6.3-billion.