Omar Alami, founder ORA Technologies. Image Credits: ORA Technologies
Moroccan startup, ORA Technologies, has closed its pre-Series A funding round with $1.9 million. This latest round caps the total funding raised by ORA Technologies at $4.4 million from the time of its establishment in 2023. Local Investment firms, Witamax and Azur Innovation Management, led the funding round, a vote of confidence among local investors in ORA Technologies potential to expand digital and financial inclusion in the nation.
Omar Alami founded ORA Technologies in 2023, in the process developing a mobile application that integrates peer-to-peer (P2P) transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a digital wallet, compiling multiple services into a single platform.
Over the past year, ORA Technologies has steadily become an object of interest to investors, winning their backing. In its early stages, the company secured $1 million in a pre-seed round, followed by a $1.5 million seed round backed by Moroccan entrepreneurs. These funds were deployed to launch ORA Cash, which was developed in collaboration with M2T, a subsidiary of Banque Centrale Populaire, one of Morocco’s largest financial institutions.
ORA Cash grants users access to digital financial services that were previously unaccessible to many other Moroccans, underbanked communities in particular. The platform offers seamless transactions, utility bill payments, phone top-ups, and cash withdrawals at over 5000 partner agencies across the nation. ORA Cash allows users to conduct instant money transfers, make digital payments via QR codes, and manage financial transactions through an intuitive interface available in five languages, including Darija, Morocco’s local dialect. At the same time, merchants benefit from cheaper transaction costs and a broader customer base.
“With ORA Cash, we want to build a community of connected users capable of managing their finances with simplicity and modernity. This project, led by a passionate team, represents another step toward building a digital and inclusive Morocco, in line with national financial inclusion ambitions.” said Omar Alami, founder of ORA Technologies.
The recent injection of funds will be channeled towards expanding the market reach of KooulMaroc and scaling ORA Cash, the startup’s mobile wallet solution. ORA Technologies’ approach aligns with Morocco’s journey toward digital transformation, fueled by government-led initiatives promoting financial inclusion and a shift towards a cashless economy. The startup has seen rapid adoption, with over 300,000 downloads since its launch.
The latest funding demonstrates the increasing support for homegrown Moroccan tech startups from domestic investors. With Witamax and Azur Innovation Fund joining its cap table, ORA Technologies is poised to accelerate the expansion of its offerings, including its financial services platform, ORA Cash, and the growth of its e-commerce and service marketplace, KooulMaroc.
