How dLocal’s planned AZA Finance acquisition became a $23.7 million asset deal

In June 2025, dLocal, the Uruguayan fintech that first expanded into Africa in 2018, announced plans to acquire AZA Finance, a Kenya-based cross-border payments company. While neither company disclosed the financial terms of the transaction, Bloomberg reported at the time that AZA Finance was valued at around $150 million in a 2024 funding round.  

Eight months later, dLocal bought a…