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Uruguay’s dLocal eyes African market with possible $150 million buyout of Aza Finance

Modupeoluwa Olalere by Modupeoluwa Olalere
June 4, 2025
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Uruguay’s dLocal eyes African market with possible $150 million buyout of Aza Finance
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On Tuesday, dLocal, the Uruguayan fintech unicorn known for connecting global merchants to emerging markets, announced its intention to acquire Aza Finance, a leading African cross-border payments startup, in a deal valued at approximately $150 million.

This acquisition will mark dLocal’s first major expansion outside Latin America and signal a bold move into Africa’s rapidly growing digital payments sector.

Expanding dLocal’s African footprint with Aza Finance acquisition

dLocal’s acquisition of Aza Finance will significantly broaden its presence across Africa, giving it access to 17 countries where Aza operates, including Botswana, Mozambique, and Guinea markets where dLocal previously had no footprint. Currently, dLocal supports local payment processing in 13 countries, and this deal nearly doubles its African reach.

Carlos Menendez, dLocal’s Chief Operating Officer, stated, “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.

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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”.

Aza Finance, formerly BitPesa, has built Africa’s largest and most efficient trading desk for fiat and stablecoin foreign exchange over its 11-year operation. Founder Elizabeth Rossiello emphasised the strategic fit, saying the deal merges “Africa’s largest FX trading desk” with dLocal’s “massive global platform.”

This acquisition will enhance dLocal’s capabilities in treasury operations, stablecoin coverage, and payout efficiency, which are crucial for scaling remittance and cross-border payment volumes in Africa.

Notably, Africa accounts for 20 per cent of dLocal’s business, underlining the continent’s importance to the company’s growth strategy.

Strategic partnership and market Impact

Before this acquisition, dLocal and Aza Finance had already forged a strategic partnership in 2025 to expand their African footprint. This collaboration combined dLocal’s cross-border payment infrastructure with Aza’s foreign exchange expertise and regional licenses, improving payment processing and increasing reach across key African markets such as Nigeria, Kenya, South Africa, Ghana, Egypt, Cameroon, and Zambia.

Agustin Cerisola, dLocal’s General Manager for Africa, Asia & Remittances, expressed enthusiasm about the partnership’s potential, stating, “We are excited about combining our expertise to deliver exceptional payment solutions in Africa. We hope this is the first step in an even broader partnership that would consolidate both companies’ leadership position and create a regional powerhouse in the African cross-border payments space”.

The acquisition complements dLocal’s 2025 achievements, including a UK payment institution licence and collaborations with PayPal, Temu, and Airtel. Due to the deal’s upfront cash payments and revenue-sharing arrangements, dLocal benefits from Aza’s financial flows without taking complete operational control.

With Africa’s digital payments market increasing rapidly and 77 percent of Nigerian crypto users converting local cash to stablecoins, dLocal can capitalise on these trends and extend its stablecoin and crypto services.

Using Aza Finance’s local expertise, technology, and global merchant network, dLocal aims to dominate the African payments sector. The merger, subject to regulatory approval, will change emerging market cross-border payments.

Tags: AZA FinancedLocal
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

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