Meet Optasia, The AI Fintech You Don’t Know You Rely On That Just Shook The JSE

For anyone in sub-Saharan Africa’s top economies who has ever taken a micro-loan, used airtime-advance after their data ran out, or borrowed via a telco’s app without thinking much about it, chances are, they never knew the engine behind it, nor even cared about it.

For anyone who may be interested, you may have unwittingly interacted with Optasia, a fintech that quietly handles tens of millions of daily credit decisions in emerging markets and is now stepping into the spotlight with today’s IPO debut on the Johannesburg Stock Exchange (JSE), which raised ZAR 6.5 B and was several times oversubscribed, valuing the firm well over a billion dollars.

Founded in 2012 and operating in several emerging markets, Optasia isn’t the kind of fintech with a flashy consumer app or a social-media campaign. Instead, it operates as the “invisible infrastructure” of mobile credit. Its AI-driven platform sits behind partner telcos and banks, enabling micro-financing, airtime/data credits and embedded financial services to under-banked customers across emerging markets.

The Dubai-based company says it serves 121 million monthly active users and processes over 32 million loan transactions daily. It’s active across 38 countries, largely in Africa, the Middle East and Asia. Its partners include major telcos such as MTN Group, Vodacom Group, Airtel and others.

And while many may never hear the name “Optasia,” they might feel its effects when the “buy now, pay later” or “airtime cash advance” is delivered in under 60 seconds. Fundamentally, it’s a story of digital credit plumbing; the kind of company few know but many rely on.

Why now, and why the JSE?

Optasia’s design seems tailor-made for structural tailwinds in the form of the under-banked adult population in emerging markets, widespread mobile phone penetration, and a shift toward embedded finance in telco and wallet ecosystems. On its IPO page the company argues that over 1.7 billion adults remain unbanked or under-banked and that its B2B2X model allows it to “bridge this gap.”

The choice of the JSE for its listing is strategic. South Africa’s exchange offers a sizeable investor base, exposure to African growth stories and now a flashy fintech to show.

CEO Salvador Anglada says the IPO will “allow us to accelerate our growth, raise our visibility as a leading global fintech and continue innovating to expand financial opportunity where it is needed most.”

Optasia seems keen to step out of the shadows just as investors are chasing AI-powered fintech growth globally, and the timing lines up. Today’s listing has been described as South Africa’s biggest initial public offering of the year.

How the business works

At its core, Optasia offers a platform for telecom and financial institution partners to plug into, embed Optasia’s credit and financial services stack, and offer micro-loans, airtime/data advances and other financial products to their users.

It says its system uses 5,000+ data elements and 100+ AI models to power more than 1.5 billion monthly credit decisions and is diversified across markets so that no single country contributes more than 20% of revenue.

As it operates a B2B2X model, Optasia largely avoids heavy physical infrastructure; the telcos and banks carry customer touchpoints while Optasia supplies the engine. In its HY2025 financials, it reported revenue of about USD 117 M and adjusted EBITDA of USD 53.8 M, with EBITDA margins in the “mid-40s %” range.

The company frames itself as a bridge for the un-­ and under-banked, delivering credit to people who might otherwise be excluded.

The elephant(s) in the room

For all the promise, the road ahead is not without potholes. Micro-finance, especially in emerging markets, is under scrutiny, thus, a misstep in borrower treatment or consumer backlash could cost reputationally and financially.

Meanwhile, while Optasia is diversified, it still relies heavily on major telcos and banks in each geography. Losing a partner, or a country’s macro-economic shock (currency swings, inflation) could dent the business.

Moreover, credit engines backed by AI look slick in the deck but must prove resilient when borrowers’ behaviours change, for example, under economic stress. Also, the listing and raised capital set high growth expectations. If growth slows, execution stumbles or margins compress, the market is bound to react accordingly.