AI-powered fintech Optasia has released its first results since listing on the JSE, delivering a strong debut that met its IPO targets and demonstrated how its technology platform is scaling rapidly across both products and geographies.
For the year to December 2025, revenue surged 76% to $265m, while adjusted ebitda increased 52% to $115m and free cash flow spiked 41%. The underlying economics of the platform also improved. Optasia’s take rate — essentially the revenue earned relative to the value of credit distributed — increased to 4.8% from 4% a year earlier. At the same time, net debt to adjusted ebitda fell to just 0.11 times, giving the company ample financial flexibility to pursue further expansion.
However, investors should remain mindful of macroeconomic risks. While Optasia has limited direct exposure to the Middle East, the current geopolitical turmoil and resulting spike in global fuel prices could have indirect consequences across many of its core markets. In several African economies, transport costs account for a significant portion of household expenditure, meaning sustained increases in fuel prices could erode disposable income, potentially dampening demand for small consumer loans or affecting repayment behaviour.
There is also a second-order effect through currencies. Many of the group’s largest markets, including Ghana, are net oil importers, and a prolonged rise in energy prices could place pressure on local currencies, with knock-on effects for inflation and consumer spending power.
Management is alive to these risks but remains relatively sanguine in the near term. As CEO Salvador Anglada tells the FM, “so far, we believe that we can handle the situation the way that we normally manage”, pointing to the group’s ability to hedge currencies for about six months, rapidly repatriate cash and dynamically adjust credit exposure.
The longer-term risk is more difficult to dismiss. Anglada acknowledges that “if the conflict continues and inflation grows faster, that will have an impact”, particularly through currency weakness and pressure on household finances. While such conditions can increase demand for credit, they also raise the risk of over-indebtedness, requiring more conservative lending decisions.
That said, the group appears to have a meaningful buffer against a tougher macro environment. It has scaled rapidly without compromising credit quality, and though the shift towards higher-value microlending has nudged the default rate up from 0.9% to 1.2%, it remains low for unsecured lending in emerging markets.
In the next two to three years, you can expect that 80%-85% of our growth will come from Africa
— CEO Salvador Anglada
The growth engine is now firmly centred on mobile financial services rather than traditional airtime advances. Microlending revenue surged 149% during the year and now accounts for roughly 63% of group revenue, marking a clear strategic pivot. Airtime advances still serve as an entry point, helping to acquire users and generate behavioural data, but the real economic value lies in larger digital loans delivered via mobile wallets.
At the core of this strategy is a scalable platform model that links telecoms operators, banks and consumers. Optasia’s AI-driven decision engine analyses telecoms and mobile-wallet data in real time to generate instant credit decisions, enabling partners to distribute credit seamlessly to underbanked users. As transaction volumes grow, so too does the data, creating a reinforcing feedback loop that continuously improves both credit accuracy and product uptake.
Revenue remains relatively concentrated, with five countries — Ghana, Uganda, Nigeria, South Africa and the DRC — accounting for close to 70% of the total. Diversification is therefore a clear strategic priority, with further expansion targeted in Kenya, Egypt and Ethiopia, while Malaysia and the Philippines have been identified as initial entry points into Southeast Asia. Yet Africa remains firmly at the centre of the growth story. As Anglada notes: “In the next two to three years, you can expect that 80%-85% of our growth will come from Africa.”
A notable development is the arrival of FirstRand as a strategic shareholder. The banking group has taken a significant minority stake, providing not only capital but also a platform for collaboration on funding structures, product development and expansion. For a fintech reliant on banking partners to fund its lending products, the backing of one of Africa’s largest financial institutions represents a strong endorsement of the model.
Product innovation remains central to the company’s growth story. While microloans are currently the main driver of revenue, management plans to broaden the product suite further. Future initiatives include SME lending solutions designed to provide working capital to small businesses operating within telecoms ecosystems. The company is also exploring telecoms-based buy-now-pay-later products that could enable customers to finance devices, services or digital purchases directly through their mobile operators.
Beyond credit, Optasia is expanding into adjacent embedded-finance services. One example is the Finergi acquisition, which focuses on prepaid electricity solutions. This illustrates its broader ambition to become a comprehensive digital financial services provider.
Encouraged by the strong performance in 2025, management has upgraded its 2026 outlook and now expects both revenue and adjusted ebitda to grow by more than 30%. This is driven by continued expansion in microlending and new market deployments, assuming geopolitical developments don’t throw a spanner in the works.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.