dLocal has disclosed the first full accounting breakdown of its acquisition of assets linked to AZA Finance, showing that almost all of the $23.7m consideration was allocated to customer relationships, intellectual property and goodwill, rather than to the Cameroonian payments licence that formally anchored the transaction.

The deal closed on February 27 2026, after dLocal exercised a call option on January 6. According to the group’s interim financial statements, the transaction involved the purchase of 100 per cent of Mint Code Solutions S.A., a Cameroon-based entity, along with intellectual property and customer relationships from NeWurth S.A., the Luxembourg-incorporated company behind the AZA Finance brand.

How the consideration breaks down

dLocal did not pay cash. It settled the entire consideration by extinguishing $24.242m of principal and accrued interest owed under two working capital facilities extended to Aza Finance in December 2024 and June 2025. That amount was reduced by a $500,000 trade payable offset, resulting in net consideration of $23.742m.

The purchase price allocation shows where dLocal believes the value sits:

Excluding the Cameroonian licence and the other net identifiable assets tied to the acquired entity, roughly $22.8m of the consideration was assigned to customer relationships, intellectual property and goodwill. That means the actual Cameroon licence accounted for only about 0.5 per cent of the transaction’s value.

The customer relationships, valued at $14.2m, were by far the largest identified intangible asset. dLocal described the acquisition as intended to “enhance the Group’s cross-border payment capabilities and accelerate its strategic expansion across key African markets.”

Goodwill of $6.55m was attributed to expected synergies, including the combination of AZA Finance’s presence in South Africa and other countries with dLocal’s existing payment infrastructure.

A narrowed deal after legal turbulence

The transaction was significantly smaller than the African acquisition dLocal had reportedly considered.

Earlier reporting detailed how an initial $150m plan for AZA Finance was disrupted after the FTX bankruptcy estate filed a $50m lawsuit against the company in July 2025. AZA Finance disputed the claim. The FTX estate voluntarily dismissed the suit on December 3 2025.

AZA Finance, formerly BitPesa, had raised approximately $57m across multiple funding rounds, with some tracking estimates placing historical capital raised or backed at up to $80m when including combined debt and equity structures. By the time dLocal exercised its option in early 2026, however, the deal had been restructured into a cashless asset purchase focused on a single Cameroonian entity and selected intangibles.

dLocal said the acquired business’s contribution to revenue and gross profit from February 27 to June 30 was “not material.”

Africa’s recent performance remains mixed

The financial statements do not provide a standalone Africa segment. dLocal operates a single payment-processing segment and reports revenue by region only as LatAm and Non-LatAm. Africa is included within Non-LatAm alongside Asia and the Middle East.

Non-LatAm revenue rose 36 per cent to $146.4m in the six months to June 30, from $107.6m a year earlier. In the second quarter, Non-LatAm revenue was $73.0m, up from $53.7m.

In its earnings release, dLocal offered limited operational commentary on Africa. Management said Africa and Asia were a partial offset to gross profit growth, citing a lower contribution from higher foreign-exchange-spread markets such as Mozambique and a one-off cost increase in Nigeria. The company did not quantify either factor.

Other notes in the financial statements point to continued African exposure. dLocal held restricted cash of $18.1m mainly related to regulatory requirements in Egypt and Morocco. It also carried derivatives in several African currencies, including the Nigerian naira, Egyptian pound, South African rand, Moroccan dirham and West African CFA franc. Ghana was identified as hyperinflationary, but its impact was not restated because it was deemed immaterial.

Bottom line

The disclosures show that dLocal’s AZA Finance deal was not principally a purchase of a Cameroonian licence. Instead, the company assigned most of the $23.7m consideration to customer relationships and intellectual property, with a further $6.55m of goodwill.

At the same time, Africa remains a relatively small and mixed part of dLocal’s reported financials. The continent is not broken out separately, and the most visible recent African items in the accounts are regulatory balances, hedging positions and cost pressures rather than a distinct profit contribution.