In the most significant signal yet of a selective thaw in the tech funding market, emerging markets fintech Optasia has confirmed it will list on the Johannesburg Stock Exchange (JSE) at a valuation of R23.5-billion (approx. $1.3 billion).
The listing, set for November 4, is a milestone for the JSE, which has struggled to attract large tech listings. More importantly, it serves as a key bellwether for the 2025 tech exit landscape.
After a bookbuilding period that closed on Thursday, the Dubai-based company confirmed its offer price locked in at R19.00 per share, the top end of its previously guided range. The offering was reportedly “multiple times subscribed,” indicating strong institutional demand.
This strong reception contrasts sharply with the funding drought of 2022–2024. It suggests that while investor capital remains selective, there is significant appetite for mature, profitable, and capital-light technology companies — a stark departure from the growth-at-all-costs mentality of the last boom.
The Deal and the Investors
Optasia’s IPO is anchored by a major vote of confidence from one of South Africa’s largest financial institutions. FirstRand Group, parent of First National Bank (FNB), acquired a 20.1% strategic stake in the company concurrently with the offering, an investment valued at approximately R4.7-billion.
The move is notable given that Optasia is chaired by former FNB CEO Michael Jordaan, a prominent figure in South Africa’s fintech scene.
The public offering is a mix of new capital for growth and a significant payday for early backers.
- Sale Shares: A total of 238 million shares were allocated as “sale shares,” with proceeds going directly to existing shareholders. Optasia’s largest institutional investors prior to the IPO included Chronos Capital (29.1%), TRF Africa Optasia Consortium (10.1%), and Zoey Enterprise Holdings (7.5%).
- Subscription Shares: Around 68.5 million shares were subscription shares. Optasia will use these funds to finance its planned expansion in key markets, including East Asia, Kenya, Egypt, and Indonesia.
If the overallotment option is fully exercised, the free-floating shares will represent 28% of the company.
A Profitable AI Model
Unlike many high-burn tech companies that listed in 2021, Optasia is coming to market with strong fundamentals. The company is profitable, reporting revenue of $150m in 2024 and a net profit of $36m.
This financial profile is precisely what the 2025 investment market is rewarding. The era of funding speculative, cash-burning models is over; investors are now consolidating around mature companies with defensible, scalable infrastructure.
Optasia’s B2B2X (business-to-business-to-everything) model is “capital-light.” It does not use its own balance sheet for lending.
- The Platform: Optasia provides a proprietary AI-driven credit-vetting platform to partners.
- The Partners: Its main partners are Mobile Network Operators (MNOs) like MTN Group (via MoMo) and Vodacom Group (via M-Pesa), as well as banks.
- The Service: The AI algorithm analyzes thousands of data points to provide instant credit-scoring for underbanked individuals in 38 countries.
- The Product: This enables the disbursement of microloans — with an average value of just $5 — and airtime credit. Optasia underwrites the default risk, while its banking partners provide the balance sheet to disburse the funds.
According to CEO Salvador Anglada, about 30% of Optasia’s customers are small business owners using the micro-credit to fund operations, positioning the company as a key enabler of financial inclusion in its markets.
The 2025 Funding Market Context
Optasia’s successful IPO is a test case for the 2025 funding environment. After a “subdued” three-year period, the IPO market is showing signs of a rebound, but the rules of engagement have changed.
Investors are demonstrating “genuine optimism” but are directing capital toward companies that can demonstrate not just growth, but operational maturity and a clear path to profitability. Optasia, with its established partner network, proven AI model, and positive cash flow, fits this new template perfectly.
As the tech world watches Optasia’s debut on November 4, the key takeaway is clear: the exit window is open, but only for those who have already built a sustainable business.