South African Startup Orca Raises €550K to Tackle Fraud in Emerging Markets
May 26, 2024
Enrich Africa
2 minute(s) Read
News featured image

Orca, a South African startup focused on combating fraud in emerging markets, has raised €550K in an oversubscribed pre-seed funding round led by Norrsken22 with participation from First Circle Capital, Musha Ventures, Kara Ventures, and several strategic business angels, family, and friends.


Founded in January 2024 by Thalia Pillay and Carla Wilby, Orca aims to provide effective tools for fraud analysts and compliance officers. Their mission is to deliver affordable and tailored fraud prevention solutions that address the specific challenges businesses face in emerging markets.


The newly raised funds will Orca’s team expansion plans and further develop, validate, and enhance their fraud and compliance products. This strategic investment will significantly enhance Orca’s ability to serve clients across South Africa.


Orca’s founding team is notable for being all-female, a rarity in both the global and African startup ecosystems. Data from “Africa: The Big Deal” shows that between 2019 and 2022, only 1% of funding went to female-only founding teams or solo female founders. Thalia Pillay and Carla Wilby are determined to challenge this male-dominated landscape by building a lean, resourceful, and agile company.


READ ALSO - Spiro Secures $50M Debt Funding from Afreximbank to Accelerate EV Expansion


Thalia Pillay, Co-Founder of Orca, highlighted the importance of building a network beyond South Africa to connect with fraud prevention experts in other 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. We look forward to collaborating with our peers to take down fraudsters,”

Pillay disclosed.

May 26, 2024
Enrich Africa
2 minute(s) Read
Tags
Thalia Pillay
Orca
Carla Wilby
Categories
Funding

Similar News

May 26, 2024

Egyptian Proptech Startup Birdnest Secures Undisclosed Pre-Series A Funding

Read More
May 20, 2024

OpenseedVC, Announces Initial Close of $10M Fund

Read More
May 19, 2024

Spiro Secures $50M Debt Funding from Afreximbank to Accelerate EV Expansion

Read More

Are you a start-up or an entrepreneur in Africa?

Subscribe to our mailing list

Say Hello!

Contact Us