Subject to regulatory approval, leading cross-border payment platform dLocal will acquire ground-breaking African fintech company AZA Finance, which specializes in foreign exchange and cross-border payments.

AZA Finance was established in 2013 under the name BitPesa and has since served clients in all major markets and currencies, transferring over $9 billion in funds through 15 million transactions.

Meanwhile, dLocal powers local payments in emerging markets, bringing together billions of emerging market consumers in Latin America, Africa, the Middle East, and Asia-Pacific with global enterprise merchants.

dLocal, which was already a partner of AZA Finance, is now going to buy the latter for an estimated $150 million. AZA Finance will give dLocal more scale in Africa, boosting cross-border volumes and footprint throughout the continent. It will specifically support the remittance vertical and allow for improved customer service for dLocal’s clients throughout the region.

“The acquisition will strengthen dLocal in several key strategic areas, including enhanced treasury operations enabling Over the Counter FX capabilities, extended stablecoin coverage and improved payout efficiency. The integration of AZA Finance’s highly skilled professionals will also bring deep local expertise and specialized knowledge that will play a crucial role in further driving dLocal’s continued growth and operational scalability,” dLocal said in a statement.

“Our acquisition of AZA Finance will increase access for our global merchants to Africa’s dynamic, growing markets, while further strengthening our commitment to the region. By combining dLocal and AZA Finance, we are well-positioned to offer innovative, efficient, and localized payment solutions to help businesses and individuals prosper in this rapidly evolving region,” said dLocal chief operating officer Carlos Menendez.

The founder of AZA Finance, Elizabeth Rossiello, claimed that AZA had grown to be the biggest and most effective trading desk for fiat and stablecoin foreign exchange in Africa.

“Our award-winning team has made it their mission to bring emerging markets this wholesale, B2B solution that they needed to grow their businesses. We are looking forward to integrating our technology and our deep bench of experts with dLocal’s massive global platform,” she said.

Customary closing requirements, such as regulatory approval, apply to the deal.