Morocco-based superapp ORA Technologies closes $1.5m seed round
TLDR
- Morocco-based superapp ORA Technologies secures $1.5 million in seed funding for e-wallet launch.
- Founded in 2023 by Omar Alami, ORA app integrates P2P transactions, e-commerce, chat, and more.
- Partnership with M2T to facilitate digital wallet launch and expand service offerings.
Morocco-based superapp ORA Technologies recently secured $1.5 million in seed funding from local entrepreneurs, following a $1 million pre-seed funding round in November.
Founded in 2023 by Omar Alami and six others, the ORA app integrates various features such as P2P transactions, e-commerce, on-demand services, chat functionality, and social networking. The app is set to launch a digital wallet soon, facilitated by a partnership with M2T, a subsidiary of Banque Centrale Populaire.
The additional funding will accelerate ORA's plans to activate its e-wallet, enabling instant money transfers and further expanding its suite of services.
Key Takeaways
Following the successes of WeChat and Alipay in China, many startups in Africa have emerged with ambitions to replicate the super app model. These players often start by offering a core service, through which they get a foothold, before adding a variety of other offerings to their customer base. In addition to ORA, Gozem, OPay, Gokada, and SafeBoda are some players currently operating super apps on the continent and their growth suggests consumer appetite for all-in-one services platforms. Digital services in Africa are expanding due to increased smartphone penetration, improving internet connectivity, and a young tech-savvy population. Factors like convenience, accessibility, and financial inclusion drive their adoption. This environment fosters super apps by offering a unified platform for various services, from payments to e-commerce, meeting diverse needs in a single, user-friendly app.
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