Global payments firm dLocal is set to acquire African fintech leader AZA Finance in a $150 million deal aimed at deepening its footprint in Africa’s rapidly expanding digital economy.
The acquisition, still awaiting regulatory approval, promises to boost cross-border transaction capabilities and expand access for global merchants across the continent’s emerging markets, strengthening dLocal’s long-term African strategy.
Global cross-border payment giant dLocal has announced plans to acquire AZA Finance, a leading African fintech company, in a move aimed at strengthening its presence across the continent. The deal, reportedly valued at around $150 million, remains subject to regulatory approval and represents dLocal first major acquisition in Africa.
In a statement confirming the development, Carlos Menendez, Chief Operating Officer of dLocal, highlighted the strategic importance of the move.
“Our acquisition of AZA Finance will increase access for our global merchants to Africa’s dynamic, growing markets, while further strengthening our commitment to the region. By combining dLocal and AZA Finance, we are well-positioned to offer innovative, efficient, and localised payment solutions to help businesses and individuals prosper in this rapidly evolving region.”
Founded in 2013, AZA Finance provides a suite of financial services, including cross-border payments, foreign exchange, and remittances for businesses and individuals. The company has facilitated over 15 million transactions and served more than 1.5 million users since its inception. Headquartered in Nairobi, AZA Finance operates across several African markets and is backed by notable investors, including Greycroft (an early investor in Flutterwave), Plug and Play, and Draper Associates.
Its most recent funding came in 2021, when the Development Bank of Southern Africa invested $15 million to support its expansion. With the new acquisition, AZA’s infrastructure, local market knowledge, and regulatory expertise are expected to significantly enhance dLocal ability to deliver seamless cross-border transactions throughout the continent.
Meanwhile, dLocal, based in Montevideo, Uruguay, has seen rapid global expansion since its launch in 2016. The company processed more than $25.6 billion in payments during 2024 and currently operates in over 40 countries, including 12 African nations. While dLocal has previously established partnerships in Africa with entities like iTransfer and Airtel Money, the acquisition of AZA Finance marks its most ambitious move on the continent to date.
This acquisition not only expands dLocal operational scale but also positions it to compete more effectively with other global fintech players eyeing Africa’s growing digital economy. The continent’s young population, rising internet penetration, and increasing demand for cross-border commerce have made it a hotspot for fintech investments and innovation.
Analysts believe that the move signals dLocal long-term commitment to Africa and could accelerate financial inclusion by offering better payment and remittance options tailored to local markets.
Although Local had reportedly considered selling the company in 2023, that plan did not come to fruition. Instead, the company appears to have shifted its focus toward expanding its global footprint, starting with its largest and most strategic acquisition yet.
Pending regulatory approvals, the integration of AZA Finance into dLocal ecosystem is expected to create new opportunities for merchants, enhance digital payment solutions across the continent, and set a new benchmark in Africa’s fast-growing fintech sector.
