FinTech Collective Invests in Orda
Published:
Nov 29, 2022
Author:
Sarah Wolter
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We are excited to announce FinTech Collective’s investment in Orda, a Lagos-based company that is digitizing the long tail of African restaurants. The company is already operational in Nigeria and Kenya, and the new capital will enable Orda to continue to expand its footprint of small and medium restaurants across the continent.
We first met Guy after being introduced by a repeat co-investor, and were inspired by his vision to develop a comprehensive banking solution for African restaurants. His business experience as a Managing Director at Jumia working with the food industry as well as payments integrations made him an ideal candidate to tackle this opportunity.
The team has been hard at work to date, beginning with their cloud-based operating system. Orda’s omnichannel solution encompasses order and inventory management, accounting software, food aggregator integrations, microsites, and kitchen display systems. With Orda, business owners are able to access reliable payment processing as well as reporting and accounting features that reduce hours of daily reconciliation and significantly improve profitability. The next major milestones for the company are payments and lending.
We are delighted to back Orda’s mission to empower restaurant owners to more seamlessly run their operations, process their payments, access capital, and much more. FinTech Collective participated alongside global and local co-investors including Quona, Norrsken, LoftyInc, and Enza, among others.
FTC Summary
Restaurants make up a $50b industry across the continent, as eating outside the home is a norm for all socioeconomic brackets. In recent years the online food ordering and delivery space has grown at 50% YoY, creating even stronger growth tailwinds throughout the sector. The restaurant industry has numerous operating systems catering to all elements of the value chain including payments, ordering, marketing, loyalty, and branding - but none have been built for the African market. Restaurant owners across the continent continue to struggle with inadequate tech, poor payment processing, and time-consuming manual processes.
Orda’s technology has the potential to revolutionize the food and beverage industry. While Toast has created a compelling roadmap in the US, a lack of traditional financial infrastructure on the African continent creates an even more substantial opportunity to not only tap into the flow of funds via payments, but also to become restaurants’ primary provider of a comprehensive suite of financial services.
"The restaurant industry is complex, fast-paced, and incredibly difficult. ORDA’s leading restaurant software with integrated payments is designed to improve the lives of small and medium African food business owners. Restaurants using Orda have seen dramatic improvements in their business: from a reduction in reconciliation time from hours to minutes to double-digit increases in profit margins. We’re excited to be building a company that provides deep intrinsic value to a vital part of the African economy."
Guy Futi, CEO - Orda