Indonesian fintech startup Orderfaz has successfully concluded a pre-seed funding round, as announced on Thursday. The round was led by Singapore-based venture capital firm 1982 Ventures, which acted as the sole investor. The exact amount of funding raised in the round has not been disclosed.
Orderfaz, a recently established fintech startup, focuses on serving the specific needs of social commerce sellers in Indonesia. Since its soft launch in March 2023, the company has been progressing in the Indonesian market.
The platform offers a convenient browser plug-in that simplifies the purchasing process for sellers with its one-click checkout feature. Moreover, Orderfaz empowers sellers to mitigate fraud risks by tracking the purchase history of authenticated buyers, providing an added layer of security and trust in transactions.
“Indonesia’s social commerce segment has shown impressive growth, but we have encountered challenges due to the limited number of available sales channels in the country, mainly retail and e-commerce,” stated Reynaldi Gandawidjaja, CEO of Orderfaz.
With its Smart WhatsApp Keyboard, Orderfaz caters to the WhatsApp-centric online market in Indonesia. The feature allows sellers to engage with buyers on the WhatsApp interface seamlessly, enabling order review, invoice generation, and sharing product checkout links directly within the chat platform.
Additionally, Orderfaz’s browser plug-in introduces a streamlined one-click checkout process, enabling sellers to track buyer purchase history and reduce the risk of fraudulent transactions.
With a transaction fee of 3%, the social commerce enabler provides a cost-effective solution for sellers. Leveraging its Smart WhatsApp Keyboard feature, Orderfaz empowers sellers to manage their operations by reviewing order lists, generating invoices, and sharing checkout links directly through the WhatsApp interface.
Since its launch, Orderfaz has attracted over 600 sign-ups within just two months. Collaborating with prominent social commerce firm Sastro Utama Media Group, Orderfaz is actively building partnerships to enhance its reach and impact in the industry.
Orderfaz and 1982 Ventures have highlighted the immense potential of the Indonesian social commerce market, projecting it to reach nearly $90 billion by 2028.
The market is currently dominated by social commerce, with 80 percent of online merchants utilizing this platform for selling their products and services. Moreover, 86 percent of Indonesian shoppers have turned to social media for their online shopping needs. TikTok, Instagram, and Facebook emerged as the most popular social media channels for shopping in Indonesia. In this landscape, Orderfaz aims to optimize digital sales and operations for sellers, enabling them to harness the power of social commerce channels.
With the new funding secured, Orderfaz plans to widen its team by hiring talented individuals across various departments. This move will drive the development of their platform and facilitate the expansion of their market presence. By next year, Orderfaz has plans to enter other Southeast Asian markets, capitalizing on the growing demand for fintech solutions in the region.
In addition to expanding its team, Orderfaz aims to enhance its service offerings by developing an omnichannel marketplace. This marketplace will enable sellers to manage orders seamlessly across Orderfaz’s platform and other prominent e-commerce platforms such as Shopee, Tokopedia, and TikTok.
Furthermore, Orderfaz intends to introduce a customer loyalty program, rewarding reliable buyers and fostering long-term relationships with its user base.