Abu Dhabi-listed investment firm Waha Capital has confirmed that its subsidiary, Waha VAS Limited, has completed its divestment from the AI-fintech group Optasia following the latter's listing on the Johannesburg Stock Exchange. The firm reported proceeds of US$119 million, an internal rate of return of 25 per cent, and a multiple on invested capital of four times.

Waha VAS initially acquired a 20 per cent stake in Optasia in September 2017 and gradually reduced that to 9.3 per cent ahead of the IPO through multiple partial exits. With the listing and a concurrent secondary stake sale to FirstRand Investment Holdings by existing shareholders, Waha VAS has fully exited its position in Optasia. The IPO valued Optasia at approximately US$1.3 billion.

Optasia's business model is centred on AI-powered credit and financial services in emerging markets. The platform, branded as Optasia 2.0, offers instant credit scoring and decisioning to users across 38 countries, partnering with mobile network operators, financial institutions and distributors in regions including Africa, the Middle East and Asia. The company leverages alternative data sources-such as mobile-airtime usage-to serve customers traditionally under-banked or without access to conventional credit.

By aligning with FirstRand-a major South African financial services provider operating in ten African markets plus India and the United Kingdom-the fintech team anticipates gaining institutional support and access to broader markets as it shifts from private to public status. FirstRand's CEO Mary Vilakazi described the investment as“a key step in executing our growth strategy to leverage technology platforms to enhance credit capabilities and expand financial access across the continent.”

The IPO was structured as an issuance of primary shares worth around ZAR 1.3 billion alongside a secondary placement by existing shareholders of at least ZAR 5 billion. The capital raise underscores strong investor appetite for fintechs that can scale quickly across underserved markets. Optasia's share-price range was set between ZAR 15.50 and ZAR 19.00 per offering share, with book-building extended to allow investor demand to be assessed.

Waha Capital's exit from Optasia marks one of its most significant monetisations in the private-equity space. The firm commented that the transaction demonstrates its ability to identify, scale and exit high-growth opportunities in emerging markets, while redeploying capital into other high-impact investments aligned with its growth strategy.

The broader fintech sector continues to draw attention from institutional investors seeking growth opportunities linked to financial inclusion, AI-driven credit underwriting and mobile-first services. Optasia's ability to tap a global subscriber base-with the company claiming access to more than 860 million mobile subscribers via distribution partners and more than 32 million daily loan transactions-positions it at the nexus of these trends. The participation of telecom operators such as MTN, Vodacom, Airtel, Jazz and Indosat Ooredoo illustrates the convergence of connectivity and credit in emerging markets.

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