With new funding and blockchain origins, AZA will service frontier markets by focusing on efficiency, optimization, and cutting-edge technology that is both creative and customized for its 27,000 customers worldwide.

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), one of the  development finance institutions in Africa. 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 using an innovative approach and deep local roots across Africa, Europe and the Middle East. With the financing, AZA will continue its fervent growth deeper across the region into new markets in the Middle East, Northern, and Southern Africa, increasing its liquidity and servicing larger clients. AZA’s hybrid financial infrastructure has allowed the firm to reinvent the frontier currency industry, providing a customer-centric experience where ease and speed for businesses are prioritized.

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%. AZA Group has grown so aggressively that the firm has expanded their host of products, customizing services for distinct customer segments. The firm is the only non-bank provider of both wholesale FX and distribution across the African Region, and has gained on geography through increased bank accounts, mobile money, and other payment options.

“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. The firm’s culture and fast-paced startup mentality has been praised for its execution ability, operational efficiency and ability to retain top talent. AZA’s independent Board Director, Linda Fayne Levinson, was the first female partner ever at McKinsey Group and currently is Chair of the Board of Hertz, Independent Lead Director of Jacobs Engineering Group and a Director of Ingram Micro, and NCR.

"For the past five years, AZA has been working to solve widespread challenges, penetrating the space. We're happy to support Elizabeth, one of the world's most influential tech pioneers, in the firm's mission to reinvent the FX and foreign currency industry and prioritize ease and speed for businesses,” said Edward Mathias, senior advisor at the Carlyle Group.

“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

About AZA

AZA is an established provider of currency trading solutions which accelerate global access to frontier markets through an innovative infrastructure. By leveraging cutting edge technology in our flagship products, TransferZero and BFX, AZA is able to significantly lower the cost and increase the speed of business payments to and from frontier markets. TransferZero is our B2B2C product, which provides both wholesale currency purchase and retail settlement via our robust API. BFX is our B2B over-the-counter platform for businesses with wholesale currency needs, especially those paying partners and suppliers.

Our partners utilize our hybrid financial infrastructure and deep local knowledge to manage liquidity and send payments to dozens of bank networks and mobile money operators across Africa. Licensed by the UK’s FCA and the Bank of Spain, AZA is a market-maker in every major African currency. Launched in Nairobi, AZA now has offices in Lagos, London, Luxembourg, Madrid, and Dakar.

About TransferZero

The TransferZero API accesses the most comprehensive hybrid financial infrastructure across Africa, Europe, and the Middle East offering both wholesale foreign exchange and last mile distribution. With a single platform, TransferZero clients can grow their B2C or C2B businesses (remittance, lending, and banking included) into frontier markets easily and scalably with less risk and cost. With features like KYC documentation collection and access to transaction history, the API enables our partners to buy or sell currencies in multiple receiving destinations through multiple channels (mobile money, cash, and bank accounts). In addition to responsive customer service and marketing support, TransferZero boasts a simple integration with robust, consistent transaction processing.

About BFX

BFX leverages AZA’s hybrid infrastructure to empower companies to use African currencies with less risk, cost, and friction than ever before. By acting as a market maker in 9+ African currencies, BFX enables SME’s to grow past their borders and opens up previously underserved trade markets. With a number of pay-in and payout channels like bank and mobile wallets, BFX’s platform is significantly easier and faster to use than incumbent systems. With extensive infrastructure, faster processing, and local settlement accounts, BFX ensures quick transactions with less friction.

About BitPesa

Founded in 2013, BitPesa was our first flagship product and provides wholesale cryptocurrency liquidity for individuals and institutions across Africa. In addition to fast settlement and a number of currency options, BitPesa also boasts state-of-the-art security and the deepest liquidity of any African exchange. BitPesa was the first blockchain company to be licensed by the UK's Financial Conduct Authority and follows stringent KYC practices.

About the Development Bank of Southern Africa (DBSA)

The Development Bank of Southern Africa (DBSA) is a leading Development Finance Institution (DFI) in Africa.  Established in 1983, the DBSA participates across the entire infrastructure value chain and provides planning, project preparation, financing, and implementation support for economic and social infrastructure in South Africa, SADC and the rest of the African continent.  The institution’s mission is to improve people’s lives, boost economic growth and promote regional integration through infrastructure development.