ACQUISITION | Latin American Payments Firm, dLocal, to Acquire Africa’s Crypto Remittance Fintech, AZA Finance (Formerly BitPesa)

Africa now represents 20% of dLocal’s business, and, as one company executive noted, “Nine out of our top 10 customers are operating with us in Africa.”

CryptoGuru··5 min read

Latin American payments company, dLocal Ltd., is set to acquire AZA Finance, a pan-African payments provider. The deal is expected to significantly bolster dLocal’s operations and reach across African markets.

According to Bloomberg, AZA Finance is being valued at approximately $150 million.

The planned acquisition follows less than five months after the companies first partnered. Sources familiar with the matter say the transaction is still subject to regulatory approval.


This move is aimed at scaling dLocal’s footprint in Africa, boosting its cross-border transaction volumes and remittance capabilities. The integration is also expected to enhance the customer experience for its existing client base across the region.

 

“By combining dLocal and AZA Finance, we are well-positioned to offer innovative, efficient, and localised payment solutions to help businesses and individuals prosper in this rapidly evolving region,” said Carlos Menendez, dLocal’s Chief Operating Officer, in a statement.


AZA Finance, formerly known as BitPesa, is a Kenyan-based fintech company specializing in cross-border payments and foreign exchange services across Africa. The company has been instrumental in integrating cryptocurrency solutions into the African financial ecosystem.


The acquisition offers several strategic benefits to dLocal, including improved treasury operations, over-the-counter FX capabilities, expanded stablecoin support, and greater payout efficiency. It also represents dLocal’s first acquisition outside Latin America, and its largest since buying PrimeiroPay for about $40 million in 2021.

dLocal plans to integrate AZA Finance’s team, leveraging their local market expertise to support further growth and operational scalability. The acquisition caps off a strong 2025 for dLocal, which has included recognition by the Financial Times as one of the Americas’ fastest-growing companies, a new UK FCA payment license, and new partnerships with PayPal, Temu, and Airtel.


AZA Finance Founder, Elizabeth Rossiello, noted the company’s 11-year journey in building “Africa’s largest and most efficient trading desk for fiat and stablecoin foreign exchange.”

She added:

“We are looking forward to integrating our technology and our deep bench of experts with dLocal’s massive global platform.”

 

 

dLocal’s rapid growth has been fueled by its strong performance in the Middle East and Africa, regions known for high levels of crypto adoption. Key markets include:

  • The UAE
  • Turkey, and
  • Nigeria,

where stablecoin usage is particularly widespread.

One survey found that 77% of Nigerian crypto users have converted local currency to stablecoins at least once. According to data published by BitKE, the USDT / NGN pair is now among the most actively traded pairs on centralized exchanges in Nigeria, overtaking Bitcoin.


Africa now represents 20% of dLocal’s business, and, as one company executive noted, “Nine out of our top 10 customers are operating with us in Africa.”

This strong regional performance continues to enhance dLocal’s market position and global appeal.

 

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About AZA Finance

AZA Finance, formerly known as BitPesa, was founded in Nairobi, Kenya, in 2013 and specializes in cross-border payments and foreign exchange services across Africa.

The fintech has been instrumental in integrating cryptocurrency solutions into the African financial ecosystem.

 

Key Developments:

See also
  • FTX Partnership: In March 2022, AZA Finance partnered with global and infamous cryptocurrency exchange, FTX, to enhance the adoption of Web3 and digital currencies in Africa. This collaboration aimed to:
    • Facilitate deposits and withdrawals in African fiat currencies on FTX.com, including mobile money and local bank integrations.
    • Launch African currency and digital currency trading pairs.
    • Onboard African NFTs and artists to the FTX NFT marketplace.
    • Develop educational resources and networking opportunities to support the Web3 economy in Africa.

  • FTX Investment: AZA Finance was among seven African companies included in Alameda Research’s private equity portfolio, receiving a $25 million investment in the form of a promissory note. This was the highest investment amount among the African companies listed. However, AZA Finance clarified that its entities were not part of the FTX bankruptcy proceedings, stating that FTX had erroneously listed them in its Chapter 11 filing.


Through these initiatives, AZA Finance continues to play a pivotal role in advancing cryptocurrency adoption and financial inclusion across the African continent.

 

 

 

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