ORA Technologies, a startup based in Morocco, has successfully raised $1.5 million in a seed funding round from local entrepreneurs. This funding will support the company’s goal to activate its e-wallet function, which facilitates instant money transfers, through a collaboration with M2T, a subsidiary of Banque Centrale Populaire.
This follows ORA Technologies’ previous achievement of raising $1 million from local private investors in a pre-seed funding round just under four months ago.
Launched by Omar Alami in 2023, the ORA app offers a multitude of services such as peer-to-peer transactions, an e-commerce platform for buying and selling goods, on-demand services, chat capabilities, social networking, and a soon-to-launch digital wallet.
The app has gained significant traction with over 300,000 downloads and providing an array of services on a single platform that includes e-commerce capabilities, social networking, chat function, and food delivery services.
As part of ORA Technologies’ partnership with M2T, a subsidiary of Banque Centrale Populaire, the company plans to introduce a social fintech feature. This function will allow users to chat and perform transactions simultaneously, thus enhancing user experience.
The partnership ensures secure and reliable financial transactions, as well as the execution of digital payments from within the app through the integrated wallet feature. This will simplify transactions and reduce dependency on cash, promoting a more digital-centric approach to commerce and social networking.
Alami asserted that this new funding would boost both digital and financial inclusivity. He expressed commitment to continuously provide e-commerce and digital payment services to all Moroccans, bridging the disparity between traditional commerce and modern digital platforms. This step ensures wider accessibility and inclusiveness within the digital economy.
“Both large vendors and small businesses, as well as service providers, can benefit from the marketplace feature on the app, which allows them to cater to a wider audience and expand their customer base,” Alami added.
Morocco has recently witnessed significant technological growth, primarily due to the success of startups in the country, leading it to be ranked third in the Northern Africa region on the global startup ecosystem index.
Other Moroccan startups, such as Logidoo and Tookeez, have also attracted notable investments in the previous month, demonstrating the burgeoning nature of the startup ecosystem in the nation.
