Cape Town, South Africa – May 24, 2024 – Orca Fraud, a startup building fraud prevention tools for banks and fintechs in emerging markets, has secured $550,000 in pre-seed funding. This influx of capital comes as fraud rates surge alongside the adoption of mobile money and e-wallets in developing economies.
The funding round was led by Norrsken22, a pan-African venture capital firm, with participation from First Circle Capital, Musha Ventures, Kara Ventures, and a syndicate of angel investors. This follows a trend of investor interest in fraud prevention solutions. Similar startups like Namchek in Kenya ($750,000 pre-seed in March 2024) and defraud.ng in Nigeria ($1 million seed round in February 2024) have also recently secured funding.
Orca plans to utilize the funds to expand its team and refine its fraud and compliance products. Founded by Thalia Pillay and Carla Wilby in January 2024, the all-female-led company is dedicated to empowering financial institutions with the tools needed to combat various fraud schemes.
“We are thrilled to have secured funding from such a distinguished group of investors,” said Thalia Pillay, co-founder of Orca Fraud. “Their expertise in the B2B and fraud spaces will be invaluable as we navigate this critical growth stage.”
Orca leverages its deep understanding of fraud prevention and payment technology to develop solutions that safeguard both traditional and decentralized financial systems. Their core offering is a centralized, AI-powered platform designed to orchestrate fraud detection and prevention efforts.
Deal Highlights:
| Category | Detail |
|---|---|
| Startup | Orca Fraud |
| Industry | Fintech, Fraud Prevention |
| Location | Cape Town, South Africa |
| Founders | Thalia Pillay, Carla Wilby |
| Funding Amount | $550,000 |
| Funding Stage | Pre-Seed |
| Lead Investor | Norrsken22 |