South Africa’s Orca raises $550k for its fraud prevention services
TLDR
- South African startup Orca Fraud secures $550,000 in pre-seed funding round for enhancing fraud and compliance products.
- Founded by Thalia Pillay and Carla Wilby, Orca equips analysts and officers in banks and fintech companies to combat fraud effectively.
- Funding led by Norrsken22 and investors like First Circle Capital supports team expansion for Orca.
South African startup Orca Fraud has closed an oversubscribed pre-seed funding round, securing $550,000 to bolster its operations and aid in the development, validation, and enhancement of its fraud and compliance products.
Founded by Thalia Pillay and Carla Wilby in January, Orca specializes in equipping fraud analysts and compliance officers in banks and fintech companies with effective tools to combat fraud.
The funding, led by Norrsken22 and supported by investors like First Circle Capital, Musha Ventures, and Kara Ventures, along with strategic business angels and personal connections, will facilitate the expansion of Orca's team.
Key Takeaways
Over the past five years, South Africa's fraud landscape has undergone significant evolution, impacting not only citizens but also government entities like its business registry and state-owned banks. In 2021, the country ranked as the most cyber-attacked nation in Africa and third globally, as per an Interpol African Cyberthreat Assessment report. Moreover, data from the Southern African Fraud Prevention Service (SAFPS) indicates a staggering 600% surge in fraud incidents between 2018 and 2022. These statistics underscore the urgent need for robust fraud prevention measures and innovative solutions to combat the rising threat of cybercrime and financial fraud in South Africa.
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