ORA Technologies, a Moroccan startup, secures $1.5 million seed round for e-wallet launch

March 13, 2024
2 min read
ORA Technologies
  • Morocco-based startup ORA Technologies has secured $1.5 million in seed funding from local entrepreneurs.  
  • This development will help the company’s plans to activate its e-wallet, which allows users instant money transfers, through a partnership with M2T, a subsidiary of Banque Centrale Populaire.
  • This move comes less than four months after closing a $ 1 million in pre-seed funding from local private investors. 

Omar Alami (CEO) founded the ORA app in 2023, and it offers a variety of features, such as P2P transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a soon-to-be-launched digital wallet.

With over 300,000 downloads, the app provides several services on one platform, including buying and selling goods, engaging in chat conversations, connecting socially with friends and family, and food delivery.

In addition, with a partnership with M2T, a subsidiary of Banque Centrale Populaire, the tech company intends to launch a social fintech feature that allows users to chat and conduct transactions. 

The partnership will ensure the security and dependability of financial transactions and facilitate digital payments by incorporating an integrated wallet into the app to streamline transactions and reduce reliance on cash.

Alami stated that this development will increase digital and financial inclusion. He also said that the company will continue to provide eCommerce and digital payments to all Moroccans, bridging the gap between traditional and modern modes of commerce while ensuring accessibility and inclusivity in the digital economy.

 “Large vendors, small businesses, and service providers also stand to benefit from the app's marketplace feature, which enables them to reach a wider audience and grow their customer base,” Alami added.

In recent times, Morocco has experienced technological advancements due to how well startups have thrived in the country. The country is ranked third in Northern Africa in the global startup ecosystem index. 

In the past month, startups like Logidoo and Tookeez have announced their funding rounds.

Got a tip? Our journalists are ready to dig deeper. Please share your insights and information and help us uncover the stories that matter.

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved