Block, the Nigerian full-service FinTech infrastructure and banking-as-a-service (BaaS) provider, on Wednesday announced the acquisition of Orchestrate, a payment orchestration company, to facilitate its payment system.
The strategic acquisition will allow Bloc to focus its core product strategy on providing seamless BaaS and banking services while Orchestrate drives its FinTech infrastructure with its proprietary payments orchestration application programming interface (API).
Bloc’s 100% acquisition of Orchestrate is a combined cash and stock deal, with the revamped newcomer to the Bloc family remaining a stand-alone entity still led by CEO and Founder, Jerry Enebeli.
Commenting on the acquisition, Bloc Founder Edmund Olotu said, “We are proud of our contribution to shaping the African fintech space and delighted to welcome the Orchestrate team to 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 only to the end-user experience but also to the growth of the sector.
“Jerry and his team have built an incredible platform that is a perfect fit with what we were looking to add to our suite of services, so it made sense to learn from their proven expertise rather than build our own platform from scratch. “This is an exciting development for both companies as we seek to grow and create even more solutions that will ultimately support the growth of African technology companies in the years to come.”
Orchestrate Founder and CEO Jerry Enebeli added, “We are excited to bring our technology and expertise to the already incredible team at Bloc.
our business growth goals are aligned and that we could mutually benefit from combining our talents, resources and expertise to create a unique infrastructure capable of powering
African fintech. We look forward to working together to bridge the fragmented gaps in cross-platform payments and enable many more businesses to grow their markets, whether in Africa or globally.
Recent research has shown that fintechs in Africa accounted for around $3 billion, or two-thirds of all funding raised by startups across the continent last year.
This was also more than double the $1.35 billion in investments raised in 2020 and three times the amount raised in 2019. Bloc and Orchestrate want to simplify the FinTech infrastructure for these companies to enable faster and seamless service for their customers and ultimately foster growth in the ecosystem.