Dubai-based fintech company Optasia Group intends to expand its presence in Africa, Asia and Latin America after listing shares on the Johannesburg Stock Exchange. This is reported in a press release from Optasia.
Optasia sold shares at 19 rand per share in the IPO, increasing the company's market value to 23.5 billion rand ($1.4 billion). South African financial company FirstRand Ltd. acquired a 20.1% stake in Optasia.
Optasia also plans to expand its loan offerings and consider the possibility of acquiring assets in Asia or Latin America. Optasia uses artificial intelligence to assess customer creditworthiness and offers microloans and cash advances through mobile partners including MTN Group Ltd. and Vodacom Group Ltd.
Morgan Stanley and Standard Bank Group Ltd. are acting as the organizers of the listing, which will be the largest IPO in South Africa in 2025 and will determine the trend for other fintech companies that are considering going public amid increased interest in artificial intelligence.
Optasia is a Dubai-based fintech company with headquarters in Dubai (UAE) and offices in 38 countries. The company provides a fintech platform that uses AI to provide mobile operators and financial institutions with solutions for time lending and additional mobile services in order to promote digital finance. Cloud Lending, RDC and CredibleX are among the main competitors.
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