Cape Town tech start-up Locstat has raised €2.5 million (about R50 million) in a pre-Series A round led by Portugal Gateway Fund with participation from ANZA Capital, reports Cape {town} Etc.
The funding will help the company expand into the UK and the European Union and grow jobs and services at home.
Locstat’s software helps banks spot fraud faster, protect customer money and speed up decisions that affect everyday banking and payments.
‘This investment allows us to take a home-grown South African technology, that has been tested in some of the most complex transactional environments in Africa and bring it to new markets at pace. We’ll expand our team, deepen our partner ecosystem and keep investing in the platform,’ said Ryno Goosen, co-founder and CEO of Locstat.
Locstat started in 2019 and now serves banks and fintechs across South Africa, Uganda and Zimbabwe.
The company will use the money to hire engineers, sales and customer success staff and to strengthen local partnerships that speed up customer rollouts.
Cape {town} Etc Discount Alert! Unlock Cape Town’s best experiences for half the price! From unforgettable adventures to hidden gems and mouthwatering restaurants, these limited-time deals won’t last long. Snag your discount before they’re gone!
The expansion will boost revenue, strengthen competitive advantage and create shareholder value, while enabling Locstat to continue contributing to South Africa’s tech economy.
Sanjay Daya, co-founder and chief marketing officer at Locstat, said they were proud that South African enterprise tech was earning global recognition and that European expansion would show African-built, AI-driven graph intelligence could lead in mature markets while still delivering measurable value to customers at home.
‘We’re increasing our in-market presence, scaling our partner network and doubling down on solution accelerators for financial crime, customer intelligence and operational risk,’ said Waldick Herbst, Chief Commercial Officer at Locstat.
Solly Malatsi, Minister of Communications and Digital Technologies, said in a recent speech that AI plays a significant role in detecting and preventing financial fraud.
Be the first to know – Join our WhatsApp Channel for content worth tapping into! Click here to join!
Also read:
Top Billing makes a triumphant return with a star-studded reunion
Picture: Sonja Bezuidenhout
