Banking

AZA Finance acquires Exchange4Free grow FX business in Africa

Trading firm AZA Finance is set to acquire cross-border payments company Exchange4Free for an undisclosed sum. AZA says the deal will make it the largest non-bank provider of foreign exchange (FX) treasury services across Africa.

AZA expects its transaction volumes to double in 2021

The trading firm reckons it can more than double its transaction volume to $2.5 billion in 2021. It predicts an expansion of its geographic reach, hitting 115 countries across the world.

Exchange4Free’s solutions allow users to send and receive free money transfers to around 100 countries.

The firm also provides online trading and execution in “over 70 major and exotic currencies”. On the solutions side, it provides white-label services for remittance, FX and payments.

AZA says it will leverage Exchange4Free for its services and APIs providing FX, treasury, and regulatory compliance.

“This acquisition moves us further towards our goal of opening up intra-African and frontier market FX flows,” said Elizabeth Rossiello, CEO and founder of AZA Finance.

“Exchange4Free’s ethos and innovative solution is a great fit for AZA Finance in helping to build the digital infrastructure of the future.”

Scale and customisation

AZA has offices in Nigeria, Ghana, Senegal, Uganda, South Africa, Kenya, Spain, and the UK. It hold partnerships with money transfer firms like Western Union, WorldRemit, and Azimo.

Mark Lawson, co-founder and CEO at Exchange4Free, says his firm has built technology to “streamline FX and cross-border payment flows” across a “truly global transaction network”.

The acquisition follows a combined Series B debt and equity funding round, in which AZA Finance raised $35 million. This included a $15 million debt facility with the Development Bank of Southern Africa (DBSA).

Related: FIS expands payment processing in Malaysia, South Africa and Nigeria


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