Montevideo-based payments firm dLocal has announced plans to acquire AZA Finance, a Nairobi-founded cross-border fintech, in a move designed to increase its footprint and technical capacity across the African continent. The deal, which remains subject to regulatory approval and worth around $150 million, would mark dLocal’s second major acquisition in three years and underscore its ambition to strengthen service delivery in frontier markets.
Founded in 2013, AZA Finance has grown into one of Africa’s more prominent business-to-business (B2B) foreign exchange and payments providers, supporting over $9bn in transaction volume across 15 million transactions. The company, led by CEO Elizabeth Rossiello, provides wholesale FX, stablecoin settlement infrastructure, and treasury services for multinational corporates and remittance platforms operating across Africa.
For dLocal, which enables global merchants like Amazon, Spotify, and Booking.com to accept payments in emerging markets, the acquisition promises several strategic benefits. These include increased access to African corridors, an expanded liquidity network, and deeper treasury capabilities — particularly in frontier currencies and Over the Counter (OTC) FX. The deal also brings extended stablecoin coverage and enhanced payout efficiency.
“Our acquisition of AZA Finance will increase access for our global merchants to Africa’s dynamic, growing markets,” said dLocal COO Carlos Menendez in a statement. “We are well-positioned to offer innovative, efficient, and localized payment solutions to help businesses and individuals prosper in this rapidly evolving region.”
AZA Finance’s team, which operates across several African markets, will be integrated into dLocal’s broader operations, bringing technical depth and local expertise to the Uruguayan company’s product stack.
The deal comes as dLocal seeks to rebound from a turbulent period in 2024, during which it faced scrutiny from investors over governance and transparency concerns. Since then, the company has pushed to reassert its dominance in emerging markets payments, securing new licensing in the UK, expanding partnerships with firms like PayPal and Airtel, and continuing its inorganic growth strategy. Its last acquisition was Brazil’s PrimeiroPay in 2022.
AZA Finance, meanwhile, has earned a reputation for innovation in currency infrastructure on the continent. Originally conceived to solve inefficiencies in African currency exchange, the fintech built one of the region’s most extensive trading desks for both fiat and stablecoin transactions. Rossiello has become a vocal advocate for the role of digital finance in unlocking African growth and was named a Bloomberg New Economy Catalyst in 2021.
“Over the past 11 years, we’ve built Africa’s largest and most efficient trading desk for fiat and stablecoin foreign exchange,” Rossiello said. “We are looking forward to integrating our technology and our deep bench of experts with dLocal’s global platform.”
dLocal’s interest in AZA Finance also reflects a growing global appetite for African fintech infrastructure. As cross-border flows into and within Africa continue to rise — driven by increased migration, digital commerce, and remittance demand — platforms that can offer fast, reliable, and cost-effective settlement have drawn investor and corporate interest.
dLocal’s move into African FX via acquisition signals a belief in the long-term value of embedding deeply in complex, high-growth markets. The combined entity will likely face stiff competition from local and international players alike, including MFS Africa, Flutterwave, and Nium.
The transaction is expected to close once regulatory approvals are secured.