Kenya's FarmDrive Receives Additional Investment Led By Existing Backer

Kenya's FarmDrive Receives Additional Investment Led By Existing Backer

    Fintech
    Funding
    Press Release

FarmDrive (FD), a Kenyan startup set to unlock millions of dollars in loans for smallholder farmers in Kenya and sub-Saharan Africa, received a follow-on investment from EWB Canada last month, with participation from AK IMPACT INVESTORS, 1 to 4 Foundation, ADAP SEED FUND 2 and The Lakes Charitable Foundation. This FinTech startup founded by two Kenyan women is positioned to reach 3 million smallholder farmers in Kenya in the next 5 years. The two co-founders, Peris Bosire and Rita Kimani, aim to deliver productive digital loans and layaway savings products to smallholder farmers (SHFs) to grow their incomes and resilience. Using a combination of agriculturally relevant data, Know Your Customer data, and advanced behavioural analytics, FD has developed a proprietary Lending Engine to extend loans to these farmers. This follow-on investment will allow FD to scale to $13 million of loan originations in 2019 with minimal losses and exceptional re... }

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