Bloc, a Nigerian fintech and banking as a service infrastructure provider, has announced its acquisition of Getwallets now transitioned to become a payment orchestration company, Orchestrate.
Since 2021, the platform has transitioned from offering solutions for utility payments to its current iteration as a full-service fintech as a service (FaaS) infrastructure provider.
This acquisition will enable the company to focus its core product strategy on delivering seamless banking as a service (BaaS) and banking services while Orchestrate leads its fintech Infrastructure with its proprietary payments orchestration API.
Jerry Enebeli, CEO and co-founder of Orchestrate stated that “We are thrilled to bring our technology and know-how to the already incredible Bloc team. It was clear that our business growth goals aligned and that we could mutually benefit from combining our talent, resources, and expertise to create a unique infrastructure that can power African fintech.
“We are looking forward to working together to close the fragmented gaps in cross-platform payments and powering many more businesses to scale their markets, whether in Africa or globally.”
Founded in 2021 by Jerry Enebeli and Yewande Odumosu, Gatewallets offers an integrated payment and wallet framework allowing payment providers a more unified structure for their customers.
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However, its transition into a broader payments infrastructure company means, as Orchestrate, it can provide businesses instant access to multiple payment methods and providers globally through a single integration currently available in Nigeria, Ghana, Egypt, South Africa, and USA.
Also, it plans to extend support to more foreign payment providers and currencies in the near future.
Bloc’s acquisition of Orchestrate will boost the group’s capacity to offer fintech infrastructure such as online payments, subscription management, buy now, pay later (BNPL) payment infrastructure, virtual wallets, bill payments, and invoicing, among others.
With its CBN-issued PSSP and Microfinance banking licenses, Bloc specialises in providing proprietary and aggregated application programming interfaces (APIs) that allow businesses to offer banking and financial services to their customers while handling most of the regulatory and compliance requirements on their behalf.
Furthermore, Its stack of Fintech BaaS products and services empowers businesses to embed seamless digital financial services in their platform.
The platform noted that it has processed more than $30 million in the past year through its bill payments API alone, the company also stated that it recently launched its SuperAgency tool which allows licensed companies to offer agency banking services.
“We are proud of our input in helping shape the African fintech space and excited to welcome the Orchestrate team into the Bloc family, part of our vision has always been to empower businesses of all sizes to offer seamless payment solutions to their customers, which is essential not just to the experience of the end-user but also to the sector’s growth,” Edmund Olotu, founder of Bloc, said.
