Jambo,

Victoria from Techpoint here,

Here’s what I’ve got for you today:

Moniepoint to acquire 78% stake in Kenya’s Sumac Bank

This startup wants to track every car in Africa

Payments giant to acquire AZA Finance

Moniepoint to acquire 78% stake in Kenya’s Sumac Bank

Moniepoint just got the green light to acquire a 78% stake in Kenya’s Sumac Microfinance Bank, and it’s a big step for the Nigerian fintech’s expansion plans. Kenya’s competition watchdog, the Competition Authority of Kenya (CAK), gave its approval without any conditions, saying the deal doesn’t pose any risk to competition or public interest.

The CAK’s analysis found that the acquisition wouldn’t shake up Kenya’s financial ecosystem. Sumac is a mid-sized player with just 4.3% of the microfinance market, and Moniepoint doesn’t currently operate in the country, so there’s no risk of market dominance or concentration.

There were no red flags for employment either. The regulator confirmed that no jobs will be lost as a result of the deal, and all of Sumac’s staff will stay on with their current terms. That’s good news for employees and a relief for watchers worried about corporate shakeups.

This move marks Moniepoint’s first official entry into Kenya’s financial services scene. The Nigerian fintech is now joining a growing list of Nigerian firms betting big on East Africa.

Access Bank, for instance, recently wrapped up its acquisition of the National Bank of Kenya, and Flutterwave already has a presence in the country with services including M-PESA integrations and international payments. It’s all part of a wider push by Nigerian firms to deepen their footprint across Africa.

Sumac, founded in 2002, offers everything from lending to forex trading. Moniepoint says the acquisition will give it a strong launchpad to serve local businesses in Kenya and possibly unlock more regional opportunities.

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This startup wants to track every car in Africa

Photo by Possessed Photography on Unsplash

Back in 2019, Ayodeji Audu needed a loan to relocate out of Nigeria. He tried using his car as collateral, but the bank’s valuation was laughably low. That experience stuck with him, and years later, it led to the birth of Reown, a startup building Africa’s largest vehicle history database.

Before founding Reown, Audu had a stint in medical sales, then co-founded Swipe, a credit card startup for young Nigerians. During his three years at Swipe, the startup grew to over 100,000 users, raised half a million dollars, and partnered with banks. In 2023, he moved on to Reown, teaming up with co-founders John Obi and Sesan Olaniyan to tackle Nigeria’s fragmented vehicle data problem.

At first, Reown tried collecting info from government sources and roadside mechanics. But government records were patchy, and most mechanics ran on vibes and paper notebooks. So the team built a garage management tool that helps structured garages digitise their work, and in return, Reown gets valuable vehicle data from every oil change and tyre swap.

The startup ran a successful pilot in Lagos Mainland and even attracted an acquisition offer from a multinational with garages across Africa. But after months of back and forth, the deal collapsed over vision misalignment. That hit hard. Reown burned through cash and had to let people go. Still, the startup is picking up signals on a new path forward.

To find out what’s next for Reown and how they plan to reshape auto data in Africa, read Chimgozirim’s full story here.

Payments giant to acquire AZA Finance

Photo by Cytonn Photography on Unsplash

Uruguayan cross-border payments giant dLocal is making a bold move into Africa with plans to acquire AZA Finance, a fintech that’s been operating on the continent for over a decade. The deal is still subject to regulatory approval.

dLocal says the acquisition will give its global merchants better access to Africa’s fast-growing markets. “We’re combining forces with AZA to deliver more localised and efficient payment solutions across the continent,” said Carlos Menendez, dLocal’s COO, in a statement. The move signals the company’s deeper commitment to the region.

AZA Finance, founded in 2013, offers payment, FX, and remittance services in multiple African countries. It claims to have processed over 15 million transactions and served 1.5 million users. The startup is backed by the likes of Greycroft, Draper Associates, and Plug and Play, and last raised $15 million in 2021 from the Development Bank of Southern Africa.

For dLocal, this will be its first acquisition in Africa and its biggest one yet. The company already operates in 12 African markets and has partnerships with players like iTransfer and Airtel Money, but the AZA deal gives it deeper infrastructure and regulatory muscle across the continent.

By plugging into AZA’s local networks, dLocal hopes to offer smoother cross-border transactions and gain ground against major global payment players eyeing the same markets. If approved, this could be a defining move in Africa’s increasingly competitive fintech space.

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Have a wonderful Wednesday!

Victoria Fakiya for Techpoint Africa.

dLocal, the Latin American fintech powerhouse, has announced its intent to acquire AZA Finance, a pioneer in cross-border payments and FX solutions across Africa. While the deal is still subject to regulatory approval, it signals a major strategic move to expand dLocal’s footprint across the continent’s fast-growing financial landscape. In February this year, both companies announced they entered into a strategic partnership designed to expand both companies’ service offerings through mutual cross-selling.

Founded in Uruguay and recently valued at over $5 billion, dLocal has been on an aggressive global expansion path. Having conquered much of Latin America and ventured into parts of Asia, the company is now setting its sights firmly on Africa—one of the world’s most dynamic fintech frontiers.

AZA Finance, launched in 2013 as BitPesa, was one of the earliest African startups to leverage blockchain technology for remittances. Over the past decade, it evolved into a comprehensive B2B digital FX and payments platform, rebranding as AZA Finance in 2019. With operations in 17 African countries—including markets like Botswana, Guinea, and Mozambique where dLocal previously lacked a presence—AZA brings to the table unmatched local expertise, regulatory licenses, and deep-rooted networks.

According to Bloomberg, the deal values AZA Finance at approximately $150 million, though the transaction structure is expected to follow dLocal’s signature model—mixing upfront payments with revenue-sharing, rather than a full equity acquisition. This flexible approach allows dLocal to integrate payment flows without taking on full operational overhead.

The impact of this acquisition is twofold. First, dLocal will gain access to AZA’s impressive infrastructure, which includes the facilitation of over 15 million transactions and more than $9 billion in total volume. Second, AZA will benefit from dLocal’s global merchant ecosystem, allowing it to scale its services across new verticals and geographies. The move also strengthens dLocal’s treasury capabilities, expands its stablecoin coverage, and accelerates its Over-the-Counter FX services—features increasingly critical in volatile currency environments.

Commenting on the acquisition, dLocal COO Carlos Menendez said, “This deal reinforces our commitment to Africa and helps us bring seamless, localized payment experiences to a broader audience.” Meanwhile, AZA Finance founder Elizabeth Rossiello reflected on the journey: “We started out with a dream to build Africa’s most efficient trading desk for FX and stablecoins. Today, we take the next step by joining forces with a global leader.”

With global players increasingly eyeing Africa, dLocal’s acquisition of AZA Finance isn’t just another M&A headline—it’s a signal that Africa is not just the next frontier for fintech; it’s the battleground for global payment supremacy.

Cross-border payment company dLocal has announced that it plans to acquire AZA Finance to deepen its reach in Africa. The deal, which remains subject to regulatory approval, will provide dLocal with increased scale on the continent.

“Our acquisition of AZA Finance will increase access for our global merchants to Africa’s dynamic, growing markets, while further strengthening our commitment to the region. By combining dLocal and AZA Finance, we are well-positioned to offer innovative, efficient, and localised payment solutions to help businesses and individuals prosper in this rapidly evolving region,” Carlos Menendez, Chief Operating Officer, dLocal, said in a statement.

Although the value of the deal remains undisclosed, Bloomberg reports that the deal is valued at around $150 million.

Founded in 2013, AZA Finance provides payments, remittance, and foreign exchange services in Africa. The startup says it has processed more than 15 million transactions and served over 1.5 million users since its inception.

The startup is backed by investors such as Flutterwave investor Greycroft, Plug and Play, and Draper Associates and has raised more than $15 million across multiple rounds. Its last funding round came in 2021 when it received $15 million from the Development Bank of Southern Africa.

Meanwhile, dLocal, based in Montevideo, Uruguay, was founded in 2016 and processed more than $25.6 billion worth of payments in 2024 alone. It is also present in more than 40 countries, including 12 African countries. In 2023, Bloomberg reported that the company was exploring a potential sale, which never materialised.

Its acquisition of AZA Finance will be its first on the continent, where it has previously established partnerships with companies such as iTransfer and Airtel Money. It would also be its largest acquisition to date.

By leveraging AZA’s strong regional infrastructure and regulatory expertise, dLocal aims to deliver more seamless cross-border transactions and broaden its merchant base in African markets. The acquisition could also enable it to compete with global payment giants currently operating on the continent.

dLocal, a payment platform originating from Uruguay that specializes in cross-border transactions, has formed a strategic alliance with iTransfer, a company focused on money remittance services. This partnership aims to tackle the complexities and challenges, such as currency volatility, that are often encountered with cross-border payments in emerging economies.

The joint effort is designed to offer competitive exchange rates, provide real-time currency updates, and enhance the flexibility available to users. The primary objective of this collaboration is to reduce the risks associated with currency fluctuations and to streamline the efficiency of money transfers.

The initial phase of this partnership will facilitate payouts for bank transfers and wallet payments in three key markets: Nigeria, the Philippines, and Pakistan. dLocal has also disclosed its intention to expand these services to include additional countries such as Bangladesh, Morocco, Egypt, and India in the near future.

dLocal’s platform serves as a bridge connecting enterprise-level merchants with consumers in various markets across Africa, Asia, and Latin America. This enables businesses to process payments, manage payouts, and settle funds globally.

With a significant operational footprint that spans Asia, Latin America, and more than ten countries in Africa and the Middle East—including Kenya, South Africa, Nigeria, and Turkey—dLocal has established itself as a prominent player in the fintech sector. As of 2023, dLocal reported handling $17.7 billion in payment transactions.

In the first quarter of 2024, dLocal achieved a total payment volume of $5.3 billion, marking a 49% increase compared to the previous year and a 4% rise from the preceding quarter. The company’s revenue reached $184 million, reflecting a 34% year-over-year growth, although it experienced a slight 2% decline from the previous quarter.

dLocal has acknowledged that one of the significant hurdles in emerging markets is the instability of local currencies, which can have a direct impact on the value of remittances. The company has observed instances where fluctuations in currency exchange rates can alter the value of transfers in real-time, posing a challenge that this partnership with iTransfer aims to mitigate.

Marcela Gonzalez, CEO of iTransfer, which boasts a significant presence in the EMEA, Latin America, and APAC regions, emphasized the importance of providing competitive rates to users as a key factor in meeting the financial needs of emerging markets. This approach is in line with iTransfer’s strategy for growth and expansion.

Gonzalez expressed enthusiasm about the partnership with dLocal, stating, “By integrating dLocal’s robust payment infrastructure, we can significantly enhance the remittance experience for our users.” This integration is expected to offer an improved service for those engaging in cross-border transactions.

On the other side of the partnership, Agustin Botta, Head of EMEA at dLocal, highlighted the collaboration as a reflection of their dedication to innovation and providing equitable access to financial services. Working alongside iTransfer, dLocal aims to address the unique challenges of cross-border payments in markets characterized by currency volatility.

The collaboration with iTransfer is part of dLocal’s recent string of partnerships aimed at bolstering its cross-border payment services. For instance, in Kenya, dLocal has joined forces with KCB Bank to facilitate real-time disbursements for its global customers into all Kenyan bank accounts.

The expansion of dLocal is indicative of a broader trend among Latin American fintech companies venturing into the African market. In a notable move, Minka, a Colombian fintech, commenced operations in East Africa in July 2024, marking its presence in countries such as Kenya, Tanzania, Uganda, and Ethiopia. Minka has also laid out plans to extend its reach into Southern Africa, targeting countries like Mozambique, Zambia, and Malawi.

Ebury, a leading financial services firm based in the UK, has recently forged a strategic partnership with dLocal, a global payment platform that specializes in emerging high-growth markets. The partnership aims to increase both companies’ influence in Africa.

The recent agreement was officially announced by Ebury. The company framed this collaboration as a major advancement and emphasized its dedication to enabling businesses to tap into the African market.

This partnership is primarily aimed at providing businesses with access to specifically tailored payment solutions for emerging African markets. With this move, Ebury has further demonstrated its commitment to engaging and supporting high-growth markets in Africa.

UK-based global financial services firm Ebury is paving the way for a deeper foray into African markets through a strategic partnership with Uruguay-founded payment platform dLocal, following its 2023 acquisition of South African financial services company Prime Financial Markets.

This move is part of Ebury’s efforts to expand its client base into Africa’s robust markets. Ebury, a global fintech player with a presence in 25 countries across 38 offices, has experienced substantial growth, with a 32% surge in global transaction volumes in 2023 alone, exceeding £25.5 billion. It provides a wide array of services encompassing international payments and collections, business lending, and forex risk management.

As a pioneering payment platform listed on NASDAQ, dLocal empowers global enterprise merchants to connect with consumers in emerging markets. The collaboration with dLocal is expected to enhance Ebury’s offerings and reach to its clients.

On this significant partnership, Joe Kemsley, Ebury’s head of product strategy, remarked on the importance of transparency and predictability in payment transactions, especially in emerging markets.

Agustin Botta, head of EMEA, dLocal, pointed out that leveraging dLocal’s extensive on-ground banking network would provide Ebury’s clients with liquidity and competitive rates, ultimately fostering their confident and seamless expansion into emerging economies.