South Africa’s FirstRand buys $70m stake in UAE fintech ahead of JSE listing

The investment, valued at roughly $70 million, comes as Optasia prepares for its listing on the Johannesburg Stock Exchange (JSE), a strategic step aimed at deepening its African presence and funding its next growth phase.

“Optasia’s ability to pre-score customers, process microloans at scale, and use mobile data sales as a credit collection mechanism is highly innovative,” FirstRand said in a statement.

“It is clearly meeting the needs of millions of customers in 38 countries across Africa, the Middle East, and Asia.”

FirstRand, parent company to FNB, RMB, and WesBank, said it plans to leverage Optasia’s technology to drive its own expansion into underrepresented African markets and develop new digital lending products tailored for entry-level clients.

Earlier this month, Optasia announced plans to raise about $68 million through its upcoming JSE listing to fund organic growth and acquisitions. Additionally, a secondary share sale worth $261 million will be offered through private placement, though Optasia will not directly benefit from those proceeds.

By aligning with Optasia’s model, FirstRand joins a growing wave of African banks investing in fintech innovation to reach the continent’s unbanked 350 million adults, a market seen as the next big frontier for financial inclusion and growth.