Orca, a South African startup combating fraud, has secured $550,000 in an oversubscribed pre-seed round .
Led by Norrsken22, with participation from First Circle Capital, Musha Ventures, Kara Ventures, and other investors. Founded in January 2024 by Thalia Pillay and Carla Wilby, Orca aims to tackle the increasing fraud incidents in Africa, particularly South Africa, where cyber-attacks have surged. In 2021, South Africa was the most cyber-attacked country in Africa and third globally.
Orca focuses on developing tailored fraud prevention tools for financial institutions, addressing the unique challenges of emerging markets. The rise of paytechs like mobile money and e-wallets has introduced new fraud risks, making scalable solutions crucial. Recent high-profile cyber-attacks on entities like the Development Bank of Southern Africa underscore the need for robust defenses.
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Orca’s founders have engaged with over 150 fraud professionals to understand current trends, ensuring their solutions are market-specific rather than retrofitted global tools. The startup’s all-female founding team is a rarity in Africa, where only 1% of tech startup funding goes to female-only-founded teams. CEO Thalia Pillay highlighted the strategic support from their diverse group of investors, who bring relevant experience in B2B and fraud prevention spaces.
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