Orca has raised a $550,000 pre-seed round which will be used to build simple fraud prevention tools and iterate with customers in South Africa.
The round was led by Norrsken22 with participation from First Circle Capital, Musha Ventures, Kara Ventures as well as several strategic business angels and family and friends.
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South Africa has seen a 600% increase in reported fraud cases since 2018
In addition to this greatly increasing volume, it’s becoming increasingly more difficult to effectively identify and prevent at scale. The rise and growing adoption of new payment methods (Payshap, mobile money, cross border payments, e-wallets etc) has resulted in new avenues for syndicates to execute large-scale fraud, often enabled by instant settlements.
There’s several fraud and AML prevention providers which are trained to fight fraud in first world countries. However, few solutions are affordable and tailored to fighting fraud in Africa and other emerging markets. The types of fraud are different due to: different payment methods and platforms, different socio-economic climates and regulations.
Fintechs and banks in Africa need modular fraud prevention services which can protect them and their users from the damaging repercussions of fraud, which Orca provides. South Africa is the cybercrime hub of the world which is why Orca is launching here before tackling the rest of the continent.
Thalia Pillay, co-founder of Orca, said: “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”
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