This archive report was first published on 11 May 2021.
On May 11, 2021, Kenya-based fintech startup AZA Finance announced it had raised $20 million in funding over the last 18 months.
The firm has now expanded into South Africa with the acquisition of Exchange4Free, a foreign exchange, money transfer, and payments technology provider that serves over 50,000 corporate and private clients worldwide.
Founded in 2018, AZA Finance is a provider of currency trading solutions that accelerate global access to frontier markets using innovative infrastructure.
With the acquisition of Exchange4Free, AZA Finance has become the largest fintech provider of treasury and FX services to frontier markets.
The acquisition will enable AZA Finance to almost double its transaction volume to $2.5 billion in 2021 via synergies and leveraging cross-selling opportunities.
Elizabeth Rossiello, Founder and CEO of AZA Finance, stated, "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."
Exchange4Free’s platform will enable AZA Finance to extend its reach to 115 countries across Africa, Europe, the Middle East, Asia-Pacific, and North America.
