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Bitpesa secures funding; rebrands as AZA Group
Kenya fintech startup BitPesa announced that it has secured a $15 million debt funding from the Development Bank of Southern Africa (DBSA). DBSA is one of the oldest development finance institutions in Africa.
BitPesa a digital foreign exchange and payment platform, also announced that it has since rebranded to AZA Group.
BitPesa plans to use the funding 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.
“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.”
BitPesa is now just one of three brands owned by the newly incorporated AZA Group, alongside TransferZero and BFX. AZA Group describes itself as a leading provider of currency trading solutions focused on accelerating global access to frontier markets.
In 2017, BitPesa, raised two funding rounds and another last year to take its total secured investment to around the US$15 million mark. Early this year Elizabeth Rossiello, CEO and Founder of BitPesa, was selected by the World Economic Forum to be one of two co-chairs of the Global Blockchain Council.
An alumnus of Nairobi Garage, Bitpesa was founded in 2013 and provides wholesale cryptocurrency liquidity for individuals and institutions across Africa.
In addition to fast settlement and the number of currency options, BitPesa also boasts state-of-the-art security and the deepest liquidity of any African exchange.
Having traded over half a billion dollars, BitPesa was the first blockchain company to be licensed by the UK’s Financial Conduct Authority and follows stringent KYC practices.
