dLocal, a cross-border payment company, has recently announced its plans to acquire AZA Finance in a move to expand its reach in Africa. The acquisition, pending regulatory approval, is expected to provide dLocal with increased scale on the continent.
Carlos Menendez, Chief Operating Officer of dLocal, expressed excitement about the acquisition, stating that it will enhance access for global merchants to Africa’s growing markets. By merging dLocal and AZA Finance, the company aims to offer innovative, efficient, and localized payment solutions to support businesses and individuals in the evolving African region.
While the financial details of the deal have not been disclosed, reports from Bloomberg suggest that the acquisition is valued at around $150 million. Founded in 2013, AZA Finance specializes in payments, remittance, and foreign exchange services in Africa. The startup has processed more than 15 million transactions and served over 1.5 million users since its inception.
Backed by investors such as Greycroft, Plug and Play, and Draper Associates, AZA Finance has raised over $15 million in funding across multiple rounds. Its most recent funding round in 2021 saw a $15 million investment from the Development Bank of Southern Africa.
On the other hand, dLocal, headquartered in Montevideo, Uruguay, was established in 2016 and processed over $25.6 billion in payments in 2024 alone. The company operates in more than 40 countries, including 12 African nations. While reports in 2023 suggested that dLocal was exploring a potential sale, no such transaction materialized.
The acquisition of AZA Finance marks dLocal’s first venture into the African market, where it has previously formed partnerships with companies like iTransfer and Airtel Money. This acquisition is also the largest to date for dLocal.
By leveraging AZA’s strong regional infrastructure and regulatory expertise, dLocal aims to facilitate smoother cross-border transactions and expand its merchant base in African markets. This strategic move positions dLocal to compete with major global payment players already operating on the continent.
