The Brazilian fintech Agrolend has closed a $28M Series B round led by Lightrock. Other participants in this round were Yara International Growth Ventures, Mago Capital, and previous investors Valor Capital Group, Continental Grain Company, Provence Capital, SP Ventures, and Barn Investimentos.
Agrolend is a fintech for small and medium-sized farmers. The company offers rural producers easy, fast, and unbureaucratic credit that finances the purchase of agricultural inputs such as seeds and fertilizers.
Using technology and innovative credit analysis, Agrolend is able to provide loans without physical guarantees such as grains. Loans can be formalized 100% digitally through WhatsApp, which is how Agrolend disburses capital very quickly. The fintech’s goal is to provide a fast alternative to traditional bank credit.
“Agrolend was born to revolutionize the agribusiness market for small and medium-sized rural producers in Brazil through the granting of sustainable credit, necessary to finance the development of agricultural production and encourage investment in equipment and technology that will increase their productivity and profitability,” the company states.
With this new funding, the startup will continue expanding its credit portfolio and serving around 10,000 small and medium-sized rural producers throughout Brazil.
