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JSE-listed fintech Optasia has secured further support from the banking industry as Standard Bank announces a joint underwrite and participation in the syndicated refinancing and upsizing of its term facilities of $180 million (the equivalent of nearly R3 billion) and bank guarantees of $150 million (about R2.5 billion).<\/p>\n
Standard Bank, Africa\u2019s largest bank by assets, confirmed in a statement on Friday that it acted as a joint lead arranger and underwriter for the facilities. Rand Merchant Bank is the other lead arranger and underwriter, while several of the big banks are also part of the facility pool.<\/p>\n
Through this syndication, Standard Bank says it worked with the JSE-listed AI\u2011led fintech company to enhance funding certainty, expand capacity and provide long\u2011term flexibility.<\/p>\n
Listen: No rush to be buying in this market<\/p>\n
\u201cThe solution supports Optasia\u2019s accelerated growth trajectory, enabling the business to continue expanding its platform and footprint while maintaining the agility required of a data\u2011driven, technology\u2011led organisation,\u201d says Jameel Nagdee, executive vice president for structured capital at Standard Bank Corporate and Investment Banking.<\/p>\n
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The lender says access to flexible, long\u2011term capital has become a defining factor in sustaining the growth momentum as Africa\u2019s fintech sector continues to grow and scale.<\/p>\n
Nagdee adds partnering with Optasia at this stage of its growth journey is part of the bank\u2019s agenda to build a more inclusive, resilient and digitally enabled financial ecosystem.<\/p>\n
According to BDO\u2019s report on Fintechs in Africa, the continent\u2019s Fintech market led by South Africa, Nigeria, Egypt, and Kenya is projected to grow to $65 billion in 2030.<\/p>\n
\u201cWe are optimistic about the future of Optasia and look forward to its next thrilling stage of expansion,\u201d says Salvador Anglada, CEO of Optasia.<\/p>\n
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The fintech business (previously Channel VAS) listed on the JSE in November. It provides credit and airtime financing solutions through mobile networks and digital platforms, targeting underbanked consumers across emerging markets.\u00a0It operates in 38 countries and processes more than 34 million transactions daily.<\/p>\n
Optasia\u2019s market cap currently sits above R24 billion, with shares trading at R19.99 (12pm).<\/p>\n
Last month, FirstRand increased its stake in the company, bringing its shareholding up to 26.1%.<\/p>\n
Read:
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Market brushes off Optasia\u2019s strong results<\/p>\n
#Optasia #secures #300m #syndicated #refinancing<\/p>\n","protected":false},"excerpt":{"rendered":"
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