Nigerian-Lebanese tycoon Bassim Haidar plans $365 million IPO in South Africa with AI Fintech Optasia

Bassim Haidar, founder of the AI-based fintech firm Optasia, is steering the company toward what could be South Africa’s biggest initial public offering in a year, betting that demand for digital finance will power its next phase of growth across emerging markets.

The Dubai-based company plans to raise as much as 6.3 billion rand ($365 million) through a combination of an IPO and private placements. The offering will include new shares worth 1.3 billion rand and about 5 billion rand in shares sold by existing shareholders, including Haidar himself.

Haidar, a Nigerian-born Lebanese entrepreneur, founded Optasia in 2012 and has spent more than a decade turning it into a global player in AI-driven credit services. The company provides automated credit scoring, airtime loans and microfinance solutions to underserved customers in over 38 countries, spanning Africa, the Middle East and Asia.

People close to the deal say Haidar views the IPO not just as a way to raise capital but also to cement the company’s reputation on the continent’s most developed exchange. The proceeds will be used to expand into new markets, upgrade its technology and pursue acquisitions to deepen its reach.

The timing is deliberate. South Africa’s equity market has shown renewed appetite for technology listings, with fintech names benefiting from a wave of investor enthusiasm. Analysts say the rally has opened a rare window for high-growth startups like Optasia to test investor demand.

Haidar’s team is under no illusions about the challenges ahead. Investors are expected to examine the company’s credit algorithms with a sharp eye, weighing how it handles shifting regulations and whether it can keep profits steady when the economy turns rough. Some observers say valuations may face pressure in a more cautious global environment.

To inspire confidence, Haidar has hired advisers for the offering, including major international and South African banks. Optasia processes more than 30 million credit decisions daily and serves over 120 million active users, using thousands of data points to underwrite customers with little or no credit history.