ORA Technologies has just successfully completed its second fundraising in 5 months. The Moroccan startup was indeed able to obtain $1.5 million in seed funding from Moroccan entrepreneurs. Last November, the startup raised a million dollars from local private investors. The two fundraising rounds demonstrate the strong confidence that investors place in the growth and impact potential of this very young startup which saw the light of day in 2023. “This seed round demonstrates the valuable and important support we have received from successful local entrepreneurs to scale this ambitious digital and financial inclusion project,” declared Omar Alami, founder and CEO of ORA Technologies.
ORA Technologies stands out with an application of the same name which displays on the meter more than 300,000 downloads. It aims to become an integral part of the daily lives of Moroccans, offering a wide range of services on a single platform. “From facilitating the buying and selling of goods, participating in chat conversations, connecting socially with friends and family, and ordering food delivery, users can do it all within the ORA Maroc Super App, thanks to its intuitive interface and seamless user experience,” explains the startup. Thus, the ORA app offers several features including P2P transactions, e-commerce platform, on-demand services, chat functionality, social media, and a soon-to-be-launched digital wallet. And “this new influx of liquidity will propel ORA’s plans to activate its electronic wallet, which allows users to transfer money instantly, thanks to a partnership with M2T, a subsidiary of the Banque Centrale Populaire,” specifies the startup. Indeed, the Moroccan technology startup is expected to release its next social fintech feature allowing users to chat and transfer money easily and instantly. A functionality that should be a “game changer in Morocco’s digital financial landscape,” promises the startup. “Our mission is clear: to provide e-commerce and digital payments to all Moroccans, bridging the gap between traditional and modern modes of commerce, and ensuring accessibility and inclusiveness in the digital economy. Large suppliers, small businesses and service providers will also benefit from the app’s marketplace functionality, which allows them to reach a wider audience and expand their customer base,” says Alami. For ORA Technologies, the partnership with M2T not only ensures the security and reliability of financial transactions, but also paves the way for digital payments using an in-app wallet to further streamline transactions and reduce the need for cash. “Thanks to our team of technology and digital professionals, including a talented group of 25 software engineers, ORA Technologies has quickly become a champion of Open Innovation whose expertise and dedication drive partnerships with large groups such as Retail Holding, Pharma 5, M2T, Banque Centrale Populaire and others,” explains the CEO of the startup.
source: lematin.ma
