AZA Group, the new parent company of brands BitPesa, TransferZero and BFX, has announced a landmark $15 million in debt financing from the Development Bank of Southern Africa (DBSA).
AZA Group is the leading provider of currency trading solutions focused on accelerating global access to frontier markets. AZA Group has built their own proprietary financial infrastructure through its brands BitPesa, TransferZero and BFX.
With the financing, AZA will continue its growth deeper across the region into new markets in the Middle East, Northern, and Southern Africa, increasing its liquidity and servicing larger clients.
Since inception of its first company BitPesa in 2013, AZA Group has seen $1 Billion volume transacted in, out, and across Africa. With the acquisition of TransferZero and launch of its B2B product BFX, transaction growth spurred 300%.
“We’re very proud of what we’ve worked so hard to build,” said Elizabeth Rossiello, founder and CEO of AZA . “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. The dollarization of Africa puts a major strain on growing mid-sized businesses across the continent. Our team is quite proud to have reduced the demand for USD in Africa by over $100 million each year, promoting local currencies and creating savings of millions in fees each year through cost-effective transfers and efficient treasury solutions.”
With a team of over 100 people, AZA’s team is led from regional HQ offices in Lagos, London, and Nairobi with growing satellite teams in Dakar, Madrid, Accra, Kampala and soon Johannesburg.
“After extensive due diligence, we have approved this investment in the BitPesa Product and are eager to partner with AZA. We are excited to see AZA’s expansion and increased impact, which will be fueled further by the approved $15 million. The DBSA has expressed an interest to potentially increase the investment in the future.
“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.