dLocal Acquires Nairobi’s AZA Finance in $150M Deal to Boost Africa Presence
Latin American payments giant dLocal has announced plans to acquire AZA Finance, a Nairobi-based cross-border payments startup, although the acquisition remains subject to regulatory approvals.
The two companies initially partnered in February to co-expand their offerings through cross-selling. Now, dLocal, which is valued at over $5 billion and headquartered in Uruguay, is taking a deeper stake in Africa’s fintech future.
dLocal Chief Operating Officer Carlos Menendez said, "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.”
The deal, reportedly worth around $150 million according to Bloomberg, will follow dLocal’s typical acquisition structure blending upfront payments with revenue-sharing arrangements instead of full equity takeovers. This model allows dLocal to integrate AZA’s operations without inheriting full overhead costs.
AZA Finance, formerly BitPesa, was one of the continent’s earliest adopters of blockchain for remittances. Since its 2013 launch, the company has evolved into a major B2B digital foreign exchange and payments provider. Rebranded in 2019, it now operates in 17 African countries, including underserved markets like Guinea, Botswana, and Mozambique, where dLocal had no prior reach.
AZA Finance Founder Elizabeth Rossiello said, “Over the past 11 years, we’ve built 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.”
For dLocal, the acquisition brings access to a network that has processed over 15 million transactions worth more than $9 billion. It also boosts its FX capabilities and stablecoin offerings critical tools amid Africa’s often volatile currencies.