$2.5 billion boutique Waha Capital, a specialist investor in emerging markets based in Abu Dhabi, has netted a 4x multiple on its investment in Optasia, an AI-backed fintech that debuted this week on the Johannesburg Stock Exchange (JSE), with a 25% IRR.
Dubai-based Optasia uses artificial intelligence to provide credit scoring and transaction processing for micro-financiers, netting fees on micro-loans and other financial products offered today in 38 underserved markets. The company is said to be eyeing further expansion into Asia following its oversubscribed public listing - the largest in a strong year for IPOs on the JSE.
The exit "underscores our commitment to delivering strong returns to shareholders and redeploying capital into high-impact opportunities that align with our growth strategy," said Mohammed Hussain al Nowais, Managing Director at Waha Capital.
In an up-and-down year for global IPOs, it turns out fintech, AI, and a mission-driven model of financial inclusion can still offer a potent combination for investors.
Waha's strong returns are also indicative of the value plays still to be discovered in EM fintech, and the payoff for those who are patient: Waha was an investor in Optasia for nearly a decade, taking a 20 percent stake in 2017.
