Nigerian fintech infrastructure startup Bloc acquires payment company Orchestrate
The Nigerian full-service fintech and Banking-as-a-Service (BaaS) infrastructure provider Bloc has announced the acquisition of Getwallets, the wallet-as-a-service provider that has recently changed to become the payment orchestration company Orchestrate.
Formed in 2021, Block is a fintech infrastructure company that helps any company offer fintech solutions to its customers through a comprehensive set of building blocks – infrastructure, licenses, compliance and capital – that allow them to increase the value of their stakeholders, whether they are customers, investors or employees .
Orchestras, formerly Getwallets, considers itself the fastest way to add new payment methods to fintech products, expand into new markets and offer more payment options to customers in Africa – all with little or no code. The start-up was also launched in 2021.
The strategic acquisition of Orchestrate will enable Bloc to focus its core product strategy on delivering seamless BaaS and banking services, while Orchestrate manages its fintech infrastructure with its proprietary payment orchestration API. The acquisition is a combined cash and share agreement, where Orchestrate is still an independent entity led by founder and CEO Jerry Enebeli.
Bloc has managed more than US $ 30 million over the past year through its bill payment API alone, and recently launched its SuperAgency tool, which allows licensed companies to offer agency banking services. The acquisition of Orchestrate increases the capacity to offer fintech infrastructure such as online payments, subscription management, BNPL payment infrastructure, virtual wallets, bill payments and billing in the Fintech-as-a-Service suite of APIs.
“We are proud of our input in shaping the African fintech area and happy to welcome the Orchestrate team into the Bloc family. Part of our vision has always been to give companies of all sizes the opportunity to offer seamless payment solutions. to its customers, which is crucial not only for the experience of the end user, but also for the growth of the sector, says Edmund Olotu, founder of Bloc.
“Jerry and his team have built an incredible platform that fits well with what we wanted to add to our services, so it made sense to acquire their proven expertise instead of building our own platform from scratch. This is an exciting development for both companies as we want to grow and build even more solutions that will ultimately support the growth of African technology companies in the years to come. ”
Enebeli said he was “excited” to add Orchestrates’ technology and knowledge to the Bloc team.
“It was clear that our business growth goals were in line and that we could benefit from combining our talent, resources and expertise to create a unique infrastructure that can drive African fintech. We look forward to working together to close the fragmented the gaps in payments across platforms and give many more companies the opportunity to scale their markets, whether in Africa or globally, he said.
