dLocal’s Ambitious USD 150 M Africa Deal Shrinks After FTX Lawsuit

When Uruguayan payments firm dLocal finally closed its long-delayed acquisition of AZA Finance assets on February 27, the transaction bore little resemblance to the ambitious USD 150 M expansion plan it announced eight months earlier. The company acquired a single Cameroonian entity for about USD 23 M and paid almost no cash, converting debt into equity.

“[…]whilst the final scope of the deal was different to the original ambition, it is still an exciting moment for dLocal’s growth in the region,” the company said in a statement to WT. “The integration of AZA’s assets and capabilities will allow us to better serve our merchants across the region.”

That measured language masks a turbulent period triggered by the FTX bankruptcy estate. The original deal, announced in June 2025, was meant to give dLocal instant pan-African foreign-exchange and settlement capabilities through AZA Finance, a cross-border payments firm established in 2013 that had processed over 15 million transactions across the continent.

But just one month later, the FTX bankruptcy trust filed a USD 50 M lawsuit against AZA Finance, stemming from a USD 25 M investment made by Alameda Research, FTX’s trading arm, in 2022. AZA disputed the claim, which was eventually dismissed in December 2025, but the litigation froze the acquisition.

To keep the deal alive while shielding itself from legal exposure, dLocal extended two working capital credit facilities to AZA. A December 2024 tranche carried 7% interest; a second tranche in June 2025—the same month the acquisition was announced—came at 15%. By the end of 2025, the outstanding principal and interest totalled USD 24.1 M. dLocal structured the facilities with a call option but maintained no voting rights, ensuring AZA’s liabilities stayed off its books.

When the FTX suit was dismissed, dLocal exercised that call option. The final purchase was a Cameroon-based entity, Mint Code Solutions, for USD 23 M. The deal was settled almost entirely by forgiving the outstanding debt, with a nominal USD 1.00 paid in cash.

The compressed outcome raises questions about dLocal’s broader Africa push at a time when its only separately reported African market, Egypt, saw revenue drop 36% year-on-year in 2025, from USD 93.9 M to USD 59.7 M. dLocal’s overall revenue, however, crossed USD 1 B last year, and net income jumped 87% in the fourth quarter.

“dLocal’s ambitions in Africa remain focused on disciplined expansion, prioritising markets where we can build sustainable, long-term value,” the company said, pointing to its regulatory filings for further detail.

What began as a headline-grabbing pan-African takeover has become a narrow, cashless entry into Central Africa, illustrating how a crypto collapse can redraw corporate strategy years later.