Kenya-based fintech startup, AZA Finance, has raised $20 million in funding over the last 18 months. Furthermore, the firm has now expanded into South Africa with the acquisition of cross-border payments specialist, Exchange4Free.
Exchange4free is a foreign exchange, money transfer and payments technology provider that serves over 50,000 corporate and private clients worldwide. It is AZA’s second acquisition, which follows its acquisition of TransferZero, a Spain-based online money transfer platform, in 2018.
The acquisition makes AZA Finance the largest fintech provider of treasury and FX services to frontier markets. It will also enable it to almost double transaction volume to $2.5 billion in 2021 via synergies and leveraging cross-selling opportunities. It shall also enable the firm to extend its reach to 115 countries across Africa, Europe, the Middle East, Asia-Pacific and North America.
Exchange4Free’s innovative solution will go a long way in helping AZA Finance to build the digital infrastructure of the future, which brings innovation and efficiency to meet corporate treasury and FX needs in frontier markets.
Elizabeth Rossiello, Founder and CEO of AZA Finance.
The acquisition also enables AZA Finance to leverage Exchange4Free’s own platform for its services, which include its set of APIs that provide companies with treasury, FX, and regulatory compliance services they need to make cross-border payments into South Africa from more than 100 countries.
AZA is a provider of currency trading solutions that accelerate global access to frontier markets using innovative infrastructure. By leveraging cutting edge technology in its flagship products, BFX and TransferZero, the firm is able to significantly lower the cost while increasing the speed of business payments to and from frontier markets. TransferZero is their B2B2C product, which provides both wholesale currency purchase and retail settlement via robust API. BFX is their B2B over-the-counter platform for businesses with wholesale currency needs, especially those paying partners and suppliers.
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