AZA Finance which is a Kenyan fintech startup has been able to secure a 20 Million United States Dollar funding over the past 18 months.
The startup has in addition, been able to expand to South Africa via its acquisition of the cross border payments expert; Exchange4Free.
Exchange4Free is a payments technology, money transfer, and foreign exchange provider that caters to more than 50,000 private clients and corporate clients all over the world. It is officially AZA Finance’s second acquisition and is coming after it acquired TransferZero, an online money transfer platform based in Spain. Its acquisition of TransferZero took place in 2018.
The recent acquisition by AZA Finance has now made the startup the largest financial technology provider of Forex services and Treasury services to frontier markets. It will also make it possible for it to increase its transaction volume by almost two times to 2.5 billion United States Dollars in 2021 through leveraging cross-selling opportunities as well as synergies. It will also make it possible for AZA Finance to be able to get into 115 countries across Africa, the Middle East, Asia-Pacific, North America, and Europe.
In the words of the Founder and Chief Executive Officer (CEO) of AZA Finance; Elizabeth Rossiello, “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.”
The purchase will in addition, make it possible for AZA Finance to properly utilize Exchange4Free’s platform for its services like its set of Application Programming Interfaces (APIs) that provide regulatory compliance services, Forex, and Treasury to companies that need to make cross border payments into South Africa from more than 100 countries.
AZA Finance provides currency trading solutions that aid the acceleration of global access to frontier markets via the use of innovative infrastructure. Through the leveraging of its flagship products; TransferZero and BFX, AZA Finance will be able to significantly reduce the costs of business payments to and from frontier markets and also increase the speed of said payments.
TransferZero which is their B2B2C product, provides both retail settlement via robust Application Programming Interfaces (APIs) and wholesale currency purchases.
BFX on the other hand, is AZA Finance’s B2B Over The Counter platform intended to cater to businesses with wholesale currency needs particularly those who pay suppliers and partners.
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