Wednesday, October 23, 2019 - Kenyan fintech startup, African currency trading solutions platform, AZA (formerly BitPesa) has raised $15 million in debt financing from the Development Bank of Southern Africa (DBSA) to expand further into emerging markets.
Formerly known as BitPesa, AZA is solving the liquidity problem and access to both local and foreign currencies for businesses by optimising remittances.
Following the rebranding, AZA will now be a parent company to BitPesa, BFX and TransferZero.
BitPesa, its original flagship product, will provide cryptocurrency liquidity, exchange and other services for individuals and institutions across Africa.
BFX will enable SMEs in Africa pay and get paid through various channels.
TransferZero, an API, will also allow businesses plug in and grow their remittance, lending, and/or banking businesses with ease.
The company says the new funding will spur its growth further across the region, into new markets in Northern and Southern Africa as well as the Middle East, increasing its liquidity and servicing larger clients.
“We’re very proud of what we’ve worked so hard to build,” said Elizabeth Rossiello, founder and Chief Executive Officer (CEO) of AZA Group.
“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.”
Rossiello added that the “dollarisation of Africa” has put 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 US$100 million each year, promoting local currencies and creating savings of millions in fees each year through cost-effective transfers and efficient treasury solutions,” she said.