Nigeria’s full-service fintech and banking as a service infrastructure provider, Bloc, has announced its acquisition of Getwallets, the wallets-as-a-service provider that has now recently pivoted to become a payments orchestration company, Orchestrate.
The strategic acquisition will enable Bloc to focus its core product strategy on delivering seamless BaaS & banking services while Orchestrate leads its fintech Infrastructure with its proprietary payments orchestration API.
Bloc’s 100% acquisition of Getwallets is combined cash and equities deal with the revamped newcomer to the Bloc family remaining a standalone entity still led by CEO & founder, Jerry Enebeli.
What they are saying
Commenting on the acquisition, Edmund Olotu, founder of Bloc, said: “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. Jerry and his team have built an incredible platform that is a great fit with what we were looking to add to our suite of services so it made sense to acquire their proven expertise rather than building our own platform from scratch. This is an exciting evolution for both businesses as we look to grow and build even more solutions that ultimately supports the growth of African tech businesses in the coming years.’’
Founder and CEO of Orchestrate, Jerry Enebeli, added: “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’re 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.”
Bloc, with its CBN-issued PSSP & Microfinance banking licenses, specializes in providing proprietary and aggregated APIs that allow businesses to offer banking and financial services to their customers while also handling most of the regulatory and compliance requirements on their behalf. Its stack of F/BaaS products and services empowers businesses to embed seamless digital financial services in their platform.
Since 2021, Bloc has transitioned from offering solutions for utility payments to its current iteration as a full-service FaaS infrastructure provider. Bloc has processed more than $30 million in the past year through its bill payments API alone. The company also recently launched its SuperAgency tool which allows licensed companies to offer agency banking services.
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