In February 2015, two fintech executives from opposite sides of the world shook hands on a strategic agreement that, at the time, drew little attention. One was Elizabeth Rossiello, the founder and CEO of Nairobi-based AZA Finance, a rising African foreign exchange and payments company. The other was Agustín Cerisola, a senior leader at Montevideo-headquartered dLocal, which was then expanding its footprint in emerging markets.
The partnership that followed was practical in nature: dLocal would tap into AZA’s deep network of African payment corridors and regulatory licenses, while AZA would leverage dLocal’s infrastructure to expand reach for its currency solutions. The integration was seamless, the benefits mutual.
Fast forward ten years, and that quiet agreement has evolved into something far more significant. Just this week, dLocal announced its plans to acquire AZA Finance in a deal reportedly worth $150 million, pending regulatory approvals. If finalized, the move would mark dLocal’s second major acquisition and solidify its strategic position in Africa — one of the most promising, yet operationally complex, regions in global fintech.
From Ratings Analyst to FX Trailblazer
To understand the significance of this acquisition, one must understand the story of AZA Finance — and the woman who built it.
In 2009, Rossiello was working in Nairobi as a financial institutions ratings analyst. Frustrated by how African currencies were misunderstood and undervalued in global markets, she began probing the infrastructure gaps that made even basic cross-border payments arduous. Sending Kenyan shillings from abroad, for example, was near impossible. Most financial institutions would only pair African currencies with a G20 equivalent like the U.S. dollar, inflating costs and delays for intra-African commerce.
Determined to solve this problem, she founded BitPesa in 2013, a digital currency startup focused on African FX and payments. The company later rebranded as AZA Finance in 2019, reflecting its expanded offerings in treasury management, business payments, and stablecoin settlement.
AZA soon emerged as a key player in the business-to-business foreign exchange space, building one of the most extensive trading desks on the continent. Today, the firm claims to have facilitated over $9 billion in transactions across 15 million trades. With licenses from the central banks of Nigeria, Uganda, South Africa, and the UK’s Financial Conduct Authority, AZA has earned a reputation for regulatory rigor and operational stability.
“We built the infrastructure to connect African markets not just to each other, but to the world,” said Rossiello in a recent interview. “This acquisition validates that decade-long effort.”
Strategic Synergies
For dLocal, acquiring AZA is not just about regional expansion — it’s about technical depth. Founded in Uruguay in 2016, dLocal helps global merchants like Amazon, Netflix, and Booking.com accept payments and make payouts in emerging markets. Its “One dLocal” platform allows for payment processing across Asia, Latin America, and Africa through a single API and contract.
But while dLocal has excelled at scaling global connectivity, its African presence has remained limited. AZA offers a direct route to strengthen that position — not only through licensing and infrastructure, but also through its expertise in hard-to-source currencies and Over-the-Counter (OTC) FX trades. The acquisition also broadens dLocal’s stablecoin capabilities, enabling faster and more cost-efficient settlements.
“This acquisition will deepen our service delivery and unlock access to some of the most dynamic and high-growth markets in the world,” said dLocal COO Carlos Menendez. “It also reflects our commitment to building local expertise into our global platform.”
The deal comes at a critical moment for dLocal. The company is rebounding from a challenging 2024, during which it faced scrutiny from shareholders over corporate governance and transparency. Since then, it has focused on regaining momentum through expanded partnerships with players like PayPal and Airtel, as well as renewing its acquisition strategy. Its last purchase was Brazil’s PrimeiroPay in 2022.
A Market Poised for Growth
Africa remains a key growth frontier for dLocal, but rising costs and macroeconomic volatility are challenging its expansion. While Egypt has emerged as a bright spot — contributing 13% of global revenue in the first nine months of 2024 — dLocal continues to face significant headwinds in South Africa and Nigeria. In South Africa, increasing processing costs, FX volatility, and regulatory burdens are weighing on margins, while in Nigeria, revenue has collapsed over 80% year-over-year due to naira devaluation and harsh monetary controls. Although Africa and Asia accounted for 29% of gross profit in Q3 2024, cost pressures are eroding profitability, with dLocal’s gross margin slipping to 42%.
That is precisely the chaos AZA Finance was built to navigate.
Today, AZA operates from offices in Ghana, Kenya, Nigeria, Senegal, South Africa, Spain, Uganda, and the United Kingdom. Its hybrid model — combining fiat and stablecoin infrastructure with traditional bank and mobile money rails — has made it a go-to partner for corporates, remittance firms, and even NGOs operating in African markets.
“We’ve proven that fintech can do what traditional finance has not — connect African markets in real time,” said Rossiello. “Now we’ll be able to do that at even greater scale.”
Her company’s track record has not gone unnoticed. AZA was named one of Fast Company’s Top 10 Most Innovative Companies in Finance and has been repeatedly recognized in Innovate Finance’s Women in FinTech Powerlist. Rossiello herself was part of the inaugural Bloomberg New Economy Catalyst class in 2021.
In a twist of history, AZA was once nearly acquired by the now-defunct FTX for $220M. “We were going to be their exclusive partner in Africa,” Rossiello told The Wall Street Journal in 2022. “There was no acquisition agreement — just discussions.”
Now, a deal is finally on the table. And this time, it’s one backed by a decade of real partnership.
What Comes Next
Once completed, the acquisition will see AZA’s team integrated into dLocal’s broader operations. Rossiello and her senior leadership are expected to play key roles in steering dLocal’s Africa expansion, particularly as the company navigates new regulatory environments and ramps up product localization.
Yet, competition will be fierce. Players like Flutterwave, MFS Africa, and global firms such as Nium are also vying for market share. The race to connect Africa’s fragmented financial landscape is far from over.
Still, for dLocal and AZA Finance, the acquisition marks a natural evolution of a relationship that began in mutual respect and strategic alignment. What started as a quiet partnership between two emerging market fintechs is now poised to redefine how money moves across — and into — Africa.
Whether this union will indeed create a “regional powerhouse” remains to be seen. But after ten years of working together, they’ve earned the chance to try.
For African startup founders, the journey of AZA Finance highlights a key lesson: early strategic partnership deals can serve as more than just distribution levers — they can lay the foundation for long-term alignment, market validation, and eventual acquisition. By embedding themselves into a broader global ecosystem early, companies like AZA position themselves not just for survival, but for scale — and ultimately, for a meaningful exit.