Background (2013–2019): a crypto-forward solution to a banking problem
BitPesa launched in 2013 to solve a practical pain point: moving money across African markets was slow, expensive, and often required US-dollar intermediaries. Early on, BitPesa leaned on crypto rails as a means to an end—faster settlement and better pricing—rather than as a consumer trading brand. But externally, the name “BitPesa” signaled “crypto-first,” which increasingly became a constraint as the company pursued banks, multinational corporates, and regulated payment partners who needed trust, compliance, and treasury-grade controls.

The inflection point: the brand became a bottleneck
By the late 2010s, the company’s product reality had outgrown its narrative. It was operating more like a B2B treasury and FX shop—liquidity management, payouts, collections, and cross-border settlement—yet prospects still anchored on “Bitcoin payments in Africa.” This mismatch raised friction in enterprise sales, partnership due diligence, and fundraising conversations, where perception of volatility and regulatory risk could stall deals.

Rebrand strategy (2020): “Pan-African financial infrastructure,” not “crypto company”
The rebrand to AZA (under AZA Group, and later AZA Finance) was positioned as a strategic pivot—moving from a name that implied a specific technology to one that communicated breadth, longevity, and institutional credibility. In parallel, the company announced growth funding to expand liquidity and geographic reach, explicitly targeting larger clients and additional regions.  Design and storytelling reinforced a pan-African identity: locally rooted, globally legible—aimed at de-risking first impressions for compliance teams and CFOs, while still honoring the company’s origin story. 

M&A: two acquisitions that accelerated the shift

1. TransferZero (2018) — BitPesa acquired the Madrid-based fintech TransferZero, adding European payments infrastructure and expanding regulatory and banking connectivity in key corridors. Yahoo Finance+1

2. Exchange4Free (2021) — AZA Finance acquired South Africa’s Exchange4Free, described as the country’s largest non-bank currency broker. The deal was positioned as transformative for transaction volume and reach—helping cement AZA as Africa’s biggest non-bank FX/treasury provider. news.frontierafricareports.com

Outcome: from “crypto fintech” to Africa’s FX Infrastructure
Operationally, the company’s center of gravity became a high-volume FX and payments desk supporting businesses across many markets and currencies, increasingly emphasizing fiat and (later) stablecoin liquidity as tools inside an institutional stack. AZA built one of Africa’s largest, most efficient trading desks for fiat and stablecoin FX, and had processed millions of transactions worth billions of dollars.

Exit: AZA Finance is acquired (2025)
In June 2025, cross-border payments platform dLocal announced its intention to acquire AZA Finance, framing the deal as a way to deepen African capabilities in FX, treasury, and cross-border payouts—pending regulatory approvals. 

Takeaway
AZA’s story shows how rebranding can be more than marketing: it can remove category constraints (“crypto company”), unlock enterprise trust, and align perception with strategy—especially when paired with concrete capability-building moves (M&A) that make the new narrative true.