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South African investors Romeo Kumalo and Gil Oved realised part of their investment in Optasia as the Dubai-based AI fintech floated in Johannesburg, freeing up capital they plan to redeploy into new technology bets across Africa. Their vehicle, LLH Capital, sold down in the offering and is preparing a bigger fundraising effort to back companies at the intersection of telecoms, finance and data.
Optasia listed on the JSE at a valuation of roughly R23.5 billion after a R6.5 billion offering, one of the year’s biggest South African IPOs and among the largest fintech listings on the bourse in recent years. The stock priced at about R19 a share after an October intention-to-float and accelerated bookbuild.
The company uses machine-learning models and thousands of data points—sourced via mobile network partners—to extend micro-loans, cash advances and airtime credit to customers who often lack traditional credit histories. It operates across dozens of markets and counts major African and Asian carriers among its distribution partners. Management has said the listing will fund expansion and product development.
For Kumalo and Oved, the liquidity event is a springboard. LLH is plotting a new fund of about $200 million to target AI-driven platforms and essential digital infrastructure, building on deal flow they cultivated as early backers of Optasia. The pair have framed the strategy as “active investment” — taking board-level roles and helping portfolio companies scale across multiple markets.
The timing is favourable. African venture activity has tilted toward profitable, data-heavy businesses that can bolt onto existing telecom rails and payments networks. With Optasia now public, LLH can point to a realised outcome while the fintech presses ahead with its own growth plan as a listed company.
Kumalo, a former Vodacom executive, and Oved, a serial entrepreneur, said they will keep exposure to Optasia while rotating some proceeds into new deals. They are also scouting co-investment alongside global funds increasingly open to African AI and fintech plays, helped by the signal that a regional champion can reach the public market at scale.
