AZA Finance Expands Into South Africa With Second Acquisition, Becoming Largest Pan-African FX & Treasury Fintech
AZA Finance Expands Into South Africa With Second Acquisition, Becoming Largest Pan-African FX & Treasury Fintech

AZA Finance Expands into South Africa with Second Acquisition, Becoming Largest Pan-African FX & Treasury Fintech

Merger with South African fintech to boost annual transactions to $2.5+ billion and extend reach to 115 countries 

AZA Finance has agreed to acquire cross-border payments specialist Exchange4Free, marking the latest in a wave of consolidation spurred by disruption to the global digital payments system and making AZA Finance the largest fintech provider of treasury and FX services to frontier markets.

Acquiring Exchange4Free, the largest South African non-bank currency broker, will enable AZA Finance to more than double transaction volume to $2.5 billion in 2021 through synergies and leveraging cross-selling opportunities, while extending the company’s reach to 115 countries spanning Africa, Europe, the Middle East, Asia-Pacific and North America.

As the response to COVID-19 drives increased volumes of business transactions online and away from physical bank branch infrastructure, Africa – where SMEs have faced the most expensive and time-consuming processes – is leading the challenge against established dollar-based systems through the use of APIs and other network technologies. Amid the sector’s expansion is a race to consolidate, as seen in deals such as Santander’s acquisition of a majority stake in Ebury last year, and expansion into traditional business banking territory by the likes of Monzo, Revolut and TransferWise. 

“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 that brings innovation and efficiency to meet corporate treasury and FX needs in frontier markets.”

Authorised by the FCA for the UK and Bank of Spain for Europe, AZA Finance provides an A to Z full suite of corporate treasury and FX products from the start to the “last-mile” for enterprises operating in frontier markets. With offices in Nigeria, Ghana, Senegal, Uganda, South Africa, Kenya, Spain, the UK and the Single Euro Payments Area (SEPA), AZA Finance’s partnership network includes money transfer operators (MTOs) like Western Union, World Remit, Azimo and IDT (Boss Revolution).

The acquisition enables AZA Finance to leverage Exchange4Free’s own platform for their services, including its set of APIs that provide companies with the FX, treasury, and regulatory compliance services they need to make cross-border payments into South Africa from more than 100 countries.  

“Exchange4Free has built technology to streamline FX and cross-border payment flows across a truly global transaction network,” said Mark Lawson, co-Founder and CEO at Exchange4Free. “The acquisition by AZA Finance will enable us to reach the scale we need to optimise this technology to deliver highly customisable solutions for our clients.”

The acquisition follows a combined Series B debt and equity funding round in which AZA Finance raised $35 million for expansion of operations in the Middle East and North Africa over the past 18 months, including a $15 million debt facility with the Development Bank of Southern Africa (DBSA) to build its activities in the region.

About AZA Finance

AZA Finance is an established provider of currency trading solutions that expand global access to frontier markets through an innovative API and web infrastructure. Its flagship products, TransferZero and BFX, aim to significantly lower the cost and increase the speed of business payments to and from frontier markets. AZA Finance’s partners utilize the company’s hybrid financial infrastructure and deep regional expertise to manage liquidity and send payments to dozens of bank networks and mobile money operators across Africa. AZA Finance is licensed by the UK’s FCA and the Bank of Spain. For more information, visit:

About Exchange4free

Exchange4free is a leading foreign exchange, money transfer and payments technology provider serving over 50,000 private and corporate clients worldwide. Exchange4Free’s solutions allow users to send and receive free money transfers 24/7 to 100 countries, accept EFT and alternative payments from friends, family and customers worldwide, as well as send instant airtime to friends and family in over 130 countries. Exchange4Free also provides online trading and execution in over 70 major and exotic currencies, as well as white-label solutions for remittance, FX and payments. For more information, visit:

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