FirstRand to acquire 20.1% stake in AI fintech platform Optasia ahead of JSE listing

FirstRand announced yesterday that it plans to acquire a 20.1% stake in Channel VAS Investments (Optasia), one of the world's largest AI-powered fintech platforms providing financial access to people across emerging markets, which plans to list on the JSE.

The South African financial services and banking group said it will acquire 20.1% of Optasia's shares at R19 per ordinary share in an off-market bilateral investment, concurrent with Optasia's intended listing, as announced on October 8, 2025. On October 20, Optasia published a pre-listing statement and announced a price range of R15.50 to R19.00 per offer share, but the full value of FirstRand's stake was not disclosed.

Optasia pre-scores customers, processes micro loans at scale and uses mobile data sales as a credit collection mechanism. It is innovative and meets the needs of millions of customers in 38 countries across Africa, the Middle East and Asia.

“FirstRand believes that the group's retail and business bank First National Bank will be in a strong position to leverage this platform to accelerate its own strategy to grow in segments in South Africa where it is underrepresented, such as entry-level client cohorts, and markets in its broader Africa portfolio,” FirstRand’s board said.

FirstRand said Optasia's business model and strategy represented significant growth opportunities both in terms of geographic expansion, new product development and other banking, funding and treasury solutions.

Optasia plans a primary issuance of about R1.3 billion to support growth, both organically and through future potential acquisitions, and a secondary share sale from the selling shareholders of at least R5bn by way of a private placement to selected qualified investors.

Salvador Anglada, Optasia's CEO said in a statement: "This significant investment by FirstRand…reflects strong confidence in Optasia's model and in the impact we are creating.”

“As we move towards our listing on the JSE, this strategic investment marks another milestone in our journey - strengthening our foundation for long-term value creation and inspiring us to keep innovating for even greater impact,” he said.

The transaction involves the sale of shares by certain existing private equity shareholders as well as the founder, who will retain his long-term commitment to the business as a non-executive director and continue as a minority shareholder.

The selling shareholders in the transaction include: King Supreme, Waha VAS, Zoey Enterprises, BH Holdings, ADP III, Chronos, and Muller Capital.

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