Orca, a South African startup specializing in AI-powered fraud prevention, has announced the successful closing of a $550,000 pre-seed funding round. The round was led by Norrsken22, a prominent venture capital firm known for supporting impactful businesses across key sectors.

Orca’s innovative solutions empower banks and fintech companies in emerging markets to combat the growing threat of financial fraud. With the increasing popularity of mobile money and e-wallet transactions, robust fraud prevention measures are crucial for these regions. Orca stands out by developing targeted solutions specifically designed for the unique challenges faced by developing economies, as opposed to relying on generic tools built for established markets.

 “It has been incredibly useful establishing a network far beyond South Africa where we’re able to connect with fraud players in other markets. There are so many parallels between the types of fraud that we see in various emerging markets. There’s so much fraud to fight that it really is a team effort. As we always say, we named ourselves Orca because orcas band together to take down boats. Looking forward to collaborating with our peers to take down fraudsters” Thalia Pillay, co-founder of Orca, said.

“We are excited about the strategic investors we have onboard, who can provide us with various types of support we are looking for at this early stage. We aimed to have a diverse cap table that reflects where and how we plan to grow the business. Most of our investors are builders themselves who have successfully navigated B2B and fraud spaces which makes them especially relevant to us.”Thalia Pillay, co-founder of Orca, added.

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Addressing a Critical Need in Emerging Markets

The rise of digital financial services in emerging markets has opened doors for financial inclusion but also created vulnerabilities to fraud. Orca’s focus on AI-powered fraud prevention addresses this critical need by providing emerging market financial institutions with the tools they need to safeguard their operations and maintain customer trust.

Norrsken22 Leads the Funding Round

Norrsken22, a leading VC firm committed to supporting impactful businesses, played a key role in securing the pre-seed funding for Orca. Their investment underscores the growing recognition of Orca’s potential to make a positive impact on the financial landscape of emerging markets.

Looking Ahead: Growth and Innovation

With this fresh injection of capital, Orca is poised for significant growth and innovation. The company plans to utilize the funds to further develop its AI technology, expand its team, and establish a strong presence in key emerging markets. Orca’s success story is a testament to the burgeoning fintech scene in Africa and the potential of technology to address critical challenges in developing economies.

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