Pioneering African fintech company AZA Finance, which specialises in cross-border payments and foreign exchange solutions, is to be acquired by dLocal, a leading cross-border payment platform, subject to regulatory approval.
Founded as BitPesa in 2013, AZA Finance has served customers across all major markets and currencies, with 15 million transactions totaling over $9 billion in funds transferred since founding.
dLocal, meanwhile, powers local payments in emerging markets connecting global enterprise merchants with billions of emerging market consumers across APAC, the Middle East, Latin America, and Africa.
The two companies were already partners, and dLocal will now acquire AZA Finance in a deal believed to be worth around US$150 million. AZA Finance will provide dLocal with increased scale in Africa, increasing cross-border volumes and footprint across the continent, especially supporting the remittance vertical and enabling better service for dLocal’s customers across 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.
AZA Finance founder Elizabeth Rossiello said AZA had become Africa’s largest and most efficient trading desk for fiat and stablecoin foreign exchange.
“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.
The transaction is subject to customary closing conditions including regulatory approval.
