Kenya fintech startup BitPesa, a digital foreign exchange and payment platform, has rebranded as AZA Group. BitPesa also announced that it has secured a $15 million debt funding from the Development Bank of Southern Africa.
According to reports, the funding will be used by BitPesa to expand in emerging markets. Besides Kenya, BitPesa currently operates in Nigeria, Uganda, Ghana, and Morocco. The startup is expected to target emerging markets in Northern and Southern Africa as well as the Middle East.
Elizabeth Rossiello, founder and CEO of AZA Group told the media, “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.”
She added, “Our team is quite proud to have reduced the demand for US dollar in Africa by over $100 million each year, promoting local currencies and creating savings of millions in fees each year through cost-effective transfers and efficient treasury solutions.”
Since its inception in 2013, BitPesa has overseen transactions worth $1 billion carried out across Africa. After BitPesa bought TransferZero and launched its B2B product BFX, transactions increased by more than 300 percent. Over the years, the startup has worked hard to bring transparency and liquidity to the African continent when it comes to Bitcoin.
In 2017, BitPesa secured a $10 million funding from venture capital firm GreySoft Partners- which has invested in companies such as Venmo and Braintree.
The company also has offices in London, Luxembourg, Dakar, and Madrid.