Orca, a South African startup specializing in fraud prevention for banks and fintechs in emerging markets, has successfully raised a $550,000 pre-seed round to further develop their innovative solutions. The round was led by Norrsken22, with participation from First Circle Capital, Musha Ventures, Kara Ventures, strategic business angels, and supportive family and friends.
South Africa has witnessed a staggering 600% increase in reported fraud cases since 2018 (SAFPS, 2022). The proliferation of new payment methods such as Payshap, mobile money, and e-wallets has created new avenues for syndicates to execute large-scale fraud, often exploiting instant settlements. Orca aims to combat these challenges by building simple yet effective fraud prevention tools tailored for the region.
The capital injection will enable Orca to expand its team and accelerate the development of their fraud and compliance products. Thalia Pillay, co-founder of Orca, emphasized the importance of collaboration: “We named ourselves Orca because orcas band together to take down boats. We’re looking forward to collaborating with our peers to take down fraudsters.”
“We are excited about our strategic investors who bring diverse types of support at this early stage,” said Thalia Pillay. Orca’s investors are seasoned builders in the B2B and fraud prevention spaces, providing invaluable expertise and resources to fuel Orca’s growth.
Orca was founded by an all-female team, aiming to disrupt the male-dominated startup landscape in Africa. Despite challenges, they are committed to achieving growth by being lean, resourceful, and agile. “Between 2019 and 2022, only 1% of funding went to female-only founding teams or solo female founders in Africa,” highlighted Thalia Pillay. “We are determined to make a difference and reach the growth phases where drop-off typically occurs.”
Looking ahead, Orca plans to continue iterating on their products and collaborating across markets to enhance their fraud prevention capabilities. With a focus on simplicity and effectiveness, they aim to support businesses in safeguarding against evolving fraud threats.
Join us in celebrating Orca’s success and commitment to fighting fraud in emerging markets! Together, we can build a safer and more secure financial ecosystem for all.
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