AI Fintech Optasia Sells Stake to FirstRand for $277 Million

Artificial intelligence-powered financial-technology firm Optasia sold a 20.1% stake to South Africa’s FirstRand Ltd. ahead of its initial public offering.

As many as seven Optasia investors sold about 251.4 million shares to FirstRand, Africa’s biggest bank by value, at 19 rand apiece. Optasia raised 4.78 billion rand ($277 million) from the sale — valuing the company at 24 billion rand, according to Bloomberg calculations.

The company, founded by Nigerian-Lebanese tycoon Bassim Haidar is seeking to capitalize on frenzied demand to own stakes in AI-powered companies. Started in 2012, Optasia operatesin 38 countries mostly in Africa, the Middle East and ...