MONTEVIDEO: DLocal Ltd has reached an agreement to buy African payments provider AZA Finance, as the emerging markets payments firm looks to accelerate growth outside of its stronghold of Latin America.

The transaction, which is subject to regulatory approval, was announced in a statement on Tuesday that confirmed an earlier Bloomberg News report. The financial terms were not disclosed.

The deal values AZA Finance at around US$150mil.

That is the same valuation it fetched in a funding round from last year, a person familiar with the matter said, asking not to be identified discussing confidential information. — Bloomberg