Agri-tech startup in Kenya, FarmDrive has gotten access to more finance as its operations recently faced expansion to make provision for 3 million shareholders farmers.
With funding from Peris Bosire and Rita Kimani, FirmDrive are in charge of supplying fruitful digital loans and layaway savings products to smallholder farmers in Kenya, aiding them in the growing of their earnings and
Using both data that are agriculturally-inclined like Know Your Customer (KYC) data and advanced behavioral analytics, the startup has come up with an ownership leading engine to expand loan to farmers like this.
Known to have gotten funds from Safaricom and EWB Canada, Farmdrive recently added another investor to its already amazing list.
EWB Canada is still involved once more, which involves AK Impact Investors, 1 to 4 Foundation, ADAP Seed Fund 2, The Lakes Charitable Foundation and Sunu Capital.
This new investment will aid FarmDrive to climb up to US$13 million of loan originations this year with little
and incredible returns vis RiPe – a borrowing engine that helps borrowers to delve into and gain access to cheap loan origination channels like USSD, credit scoring, identity verification, and a portfolio management suite that caters for recovery and collections, payments, customer support and advanced real time data analytics.
Bosire said, “We are delighted for this investment from strategic investors to enable us to build financial identities for more smallholder businesses and scale our low cost distribution model. We are going where banks haven’t reached and are creating a trust ecosystem in the most unstructured sector in sub Saharan Africa – Agriculture.
Elena Haba, the acting director of investments at EWB Canada also said that FarmDrive has the ability to shift market focus and make up for the credit hole between creditors and under-resourced little business owners such as smallholder farmers.
“We believe that addressing this credit accessibility issue is a seminal first step towards building more inclusive and sustainable economies,” she said.