dLocal, the Latin American fintech unicorn known for connecting global merchants to emerging markets, is in advanced talks to acquire AZA Finance (formerly BitPesa), a cross-border payments startup with deep roots in Africa.
The deal, which is still subject to regulatory approval, marks dLocal’s latest strategic move to strengthen its presence in the EMEA region.
“We’re proud to announce our intention to acquire AZA Finance… This move will reinforce our commitment to localised, seamless payment experiences across the EMEA region,” dLocal said in a LinkedIn post on Tuesday.
While the companies have not disclosed the acquisition value, Bloomberg reported that the deal pegs AZA Finance’s valuation at around $150 million.
A Strategic Entry into Africa
For dLocal, the acquisition offers access to key African markets where it previously had no operational footprint, including Botswana, Mozambique, and Guinea. AZA Finance currently operates in 17 African countries, compared to dLocal’s support for local payment processing in 13.
In return, AZA Finance stands to benefit from dLocal’s global merchant network and infrastructure, significantly expanding its reach and scale.
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According to insiders, dLocal typically structures its acquisitions based on transaction volumes rather than traditional equity takeovers. The fintech often opts for upfront cash payments and revenue-sharing agreements, allowing it to benefit from payment flows without assuming full operational control. This approach aligns with dLocal’s preference for capital-light expansion into high-growth regions.
The acquisition follows a wave of fintech mergers and acquisitions across Africa. In January 2025, Nigerian fintech LemFi acquired Irish currency exchange platform Bureau Buttercrane, while Stitch, a South African startup offering payments infrastructure, acquired ExiPay.
dLocal CEO Pedro Arnt confirmed in January that the company was actively exploring acquisitions after previously being a target of takeover interest itself. Arnt believes the emerging markets payment space is poised for significant growth, with potential to drive dLocal’s valuation back above $20 billion if it maintains its market leadership.
AZA Finance: From Crypto Pioneer to Fintech Force
AZA Finance was founded in 2013 by Elizabeth Rossiello when it began as BitPesa, one of Africa’s earliest blockchain-based remittance startups. It aimed to tackle the high cost and inefficiencies of cross-border payments by leveraging Bitcoin to bypass traditional banking systems.
As the company matured, it expanded beyond cryptocurrency and rebranded in 2019 as AZA Finance, for a comprehensive digital foreign exchange and payment platform. The firm now supports transactions in both African and G20 currencies.
“What began as a small team with a big vision has grown into a platform trusted across the continent… and today, I’m thrilled to share a major milestone: We’ve agreed to be acquired by dLocal, pending regulatory approval,” Rossiello shared on LinkedIn.
AZA Finance has processed over $2 billion in global transactions for clients across 115 countries, serving SMEs, multinationals, and development organisations.
It has also pursued growth through acquisitions—buying Spanish remittance platform TransferZero in 2018 and South African payment firm Exchange4Free in 2021. The company also secured $15 million in debt financing from the Development Bank of Southern Africa to fuel further expansion.
