This archive report was first published on 24 October 2019.
On October 24, 2019, BitPesa, a Nairobi-based cryptocurrency liquidity platform, secured $16 million in debt financing from the Development Bank of Southern Africa (DBSA) to form a new holding company, AZA Group.
With this funding, AZA Group will operate BitPesa, TransferZero, and BFX, making it a leading provider of currency trading solutions across Africa, Europe, and the Middle East.
According to Elizabeth Rossiello, founder and CEO of AZA Group, "We’re here to be an integral part of how Africa is accelerating its growth. The potential for frontier markets continues to increase and becomes more globally relevant. We’re solving a continent-wide challenge of a lack of financial infrastructure available for growing businesses – and we are doing it using a unique combination of financial and technological tools with a modern operational approach."
With the financing, AZA Group aims to expand into new markets in the Middle East, Northern, and Southern Africa, as well as reinvent the frontier currency industry in the markets it already operates.
Since its inception in 2013, AZA Group has seen $1 billion in transaction volume, with a 300% growth in transactions after the acquisition of TransferZero and the launch of its B2B product, BFX.
AZA Group has a team of over 100 people, with regional HQ offices in Lagos, London, and Nairobi, and growing satellite teams in Dakar, Madrid, Accra, Kampala, and soon Johannesburg.
AZA Group's independent Board Director, Linda Fayne Levinson, is a renowned business leader with experience at McKinsey Group and other prominent companies.
"The DBSA in its desire to support the development of African economies supports innovative concepts and technology to enhance Africa’s competitiveness and reduce the cost of trade to its people," said Paul Currie, DBSA’s Chief Investment Officer.
