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Orca Secures $550K Pre-Seed to Combat Fraud in Emerging Markets 🌍💼

Orca Secures $550K Pre-Seed to Combat Fraud in Emerging Markets 🌍💼

#startup
#emerging markets
#payments
#funding
#cyber security
Orca, a Cape Town-based startup, has raised $550,000 in a pre-seed round to tackle the surge in fraud across emerging markets. Co-founded by Thalia Pillay and Carla Wilby, Orca aims to provide tailored fraud prevention tools, particularly for African financial institutions struggling with cyber threats.

- Orca, a four-month-old startup, raises $550K pre-seed to combat fraud in emerging markets.

- The rise in new payment methods like mobile money and e-wallets has exacerbated fraud in these regions.

- South Africa's fraud landscape has worsened, with a 600% increase in incidents from 2018 to 2022, making it the most cyber-attacked country in Africa in 2021.

- Orca was founded in January 2024 by Thalia Pillay and Carla Wilby.

- The oversubscribed pre-seed round was led by Norrsken22, with participation from First Circle Capital, Musha Ventures, Kara Ventures, and others.

- Funds will be used to develop tailored fraud prevention tools and expand their all-female team.

- Orca's mission is to provide effective, affordable cybersecurity solutions for financial institutions across Africa.

- The company has consulted over 150 fraud professionals and fintech founders to understand the current trends and needs.

- Co-founder Thalia Pillay emphasized the importance of strategic investors who can offer support beyond capital.


Highlights

- **Rising Fraud in South Africa**: South Africa's fraud incidents increased by 600% from 2018 to 2022.

- **Tailored Solutions**: Orca aims to offer bespoke fraud prevention tools suited for the African market.

- **All-Female Founding Team**: Orca's female-only founding team is a rarity in Africa's tech landscape.

- **Strategic Investors**: The pre-seed round was led by notable investors who provide more than just financial support.


Key Highlights:

- 600% rise in South African fraud incidents (2018-2022) 📈

- Focus on new payment methods like mobile money and e-wallets 📲

- Strategic investors led by Norrsken22 🤝


 Conclusion

Orca's innovative approach to combating fraud in emerging markets is not only timely but essential. With the backing of strategic investors and a strong understanding of the local fraud landscape, Orca is poised to make significant strides in providing financial institutions with the tools they need to tackle fraud effectively.


#Fintech #CyberSecurity #WomenInTech #StartupNews #AfricaTech


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