Bloc, a Nigeria-based fintech and banking as a service (F/BaaS) infrastructure provider, has purchased Orchestrate to augment its payment capabilities.
Orchestrate was previously known as Getwallets, which provides wallets-as-a-service solutions.
The latest deal includes 100% acquisition of Getwallets stakes through cash and equities. Jerry Enebeli, CEO and founder of Getwallets will continue to lead a standalone entity in Orchestrate.
With the deal, Bloc aims to offer additional fintech solutions such as online payments, subscription management, buy now pay later (BNPL) payment infrastructure, virtual wallets, invoicing, and others through its existing set of FinTech-as-a-Service application programming interface (APIs).
Orchestrate will be able to provide fintech infrastructure with its exclusive payments orchestration API, said the company.
Bloc founder Edmund Olotu said: “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 support the growth of African tech businesses in the coming years.”
Bloc primarily provides exclusive and aggregated APIs that enable businesses to offer banking and financial solutions to their customers.
Using the Bloc solutions, businesses can control various regulatory and compliance requirements.
Last year, the company said to have processed over $30m via its bill payments API.