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Ricult


About

Ricult improves the lives of smallholder farmers in Thailand through a data-driven mobile platform that helps farmers improve farming productivity and reduce cost, resulting in higher income. Leveraging machine learning to model weather forecast, soil data, and satellite imagery, Ricult provides data-driven recommendations and insights to farmers to make the best possible farming decision to increase their income. Ricult technology has been shown to

increase the farmers’ income by over 50% in Thailand. Their model is sustainable and impactful, making the app free for farmers, while using the data to empower different stakeholders such as banks to create farmers credit score and agricultural mills for supply chain monitoring.

Capability and features

Through a smartphone app, farmers can get access to key farming information such as rainfall, temperature, humidity, and sunlight forecasts. Satellite imagery to helps farmers scout for problem in the field , while social forums/chat allows farmers to ask farming/pricing questions of agronomists and other farmers.

Extension workers use the Ricult dashboard and management system to manage and monitor farmers and keep track of farmers’ data. They also receive agronomic tips & weather forecast that can be passed on to farmers.

Lenders benefit from the risk monitoring and credit score features, based on the data that farmers input and weather forecast that can have huge effect on potential crop yield. This helps lenders identify a farmers’ ability to repay a loan, as well as seeing an aggregated overview of the farmers in the portfolio. Once high risk farmers are identified, field agents can be sent to offer assistance.

Progress to date

Ricult has been awarded the best Agricultural Tech in Thailand by the Royal Thai Government,

been named the best Social Enterprise in Southeast Asia and Oceania in the Global Social Venture Competition, won the Fintech Disrupt Challenge organized by Bill & Melinda Gates Foundation, and awarded Innovative Agribusiness by United Nations Industrial Developmental Organization.

Over 10,000 farmers have used the platform, and Ricult has partnerships with large banks, telecommunications companies, and a range of large agricultural institutions.

Ricult’s next step is to open the platform to all of Thailand and Pakistan.

Tanijoy


About

Tanijoy is a sharia agriculture investment platform that empowers local smallholder farmers through investments, end-to-end technical assistance. This creates easier access to the market, enhancing farmers’ livelihoods. Lenders receive frequent investment updates, and farmers receive easy access to capital and support.

Capability and features

Investors uses the technology to maintain their investment project regularly. Tanijoy provides them a dashboard to see their project make progress and communicate with the farmer.

Tanijoy have a dedicated field manager in each area, who assists farmers with their daily activities.

Tanijoy generates revenue from a platform fee (3% of profit), and shares profit with the investor and farmer after selling the crops.

Progress to date

Tanijoy currently has USD210k investment under management, and 640 farmers benefitting from the program. Tanijoy plans to canalize more than USD 100M funds from investors to more than 50,000 creditworthy farmers in 2022.

CROWDE


About

CROWDE is an agriculture-focused fintech startup that empowers farmers across Indonesia with technology and capital. It is a a farmer-friendly financing ecosystem that connects investors seeking attractive returns with farmers that are looking for capital to grow. Farmers are able to choose the interest, scheme, repayment, and collection method that works best for them to support their business. They then list their offer on CROWDE’s platform, where investors can finance the project. This helps to create employment and support local communities.

CROWDE generates revenue through trading margins from agricultural inputs sold through their application, making the platform financially sustainable.

Capability and features

Farmers receive training from CROWDE in farming, finance, and marketing in order to change their mindset from being just a farmer to be an Agropreneur. CROWDE’s closed-loop (zero cash ecosystem) help farmers be more efficient, and the application creates the habit of documenting their decisions.

Lenders can easily access the information about the project that they are funding, periodically receiving reports that show the progress of the project. Lenders can start to invest from as small as ten thousand rupiahs (around 0.70 USD today). Lenders may also pick the project based on their preference on lending scheme: profit-sharing, Shariah or loan.

Progress to date

CROWDE has been recognised by Forbes 30 under 30 (Asia Social Entrepreneur Category), and was the winner of DBS SVCA Asia 2017.

CROWDE have worked with more than 14,000 farmers, 500 agriculture suppliers, and 132 agriculture buyers, and is partnering with several banks in Indonesia.

They also work with Ministry of Villages, Disadvantaged Regions, and Transmigration of the Republic of Indonesia to help them control and giving insight for every villages in Indonesia.

In three years, CROWDE aim to connect with more than 150,000 farmers in Indonesia, disburse more than 50 Million USD and start to expand the market to South East Asian Countries.

Slide


About

Slide is an integrated fintech platform that enables supply chain stakeholders to gain access to capital. Slide uses data collected within the ecosystem to generate a reliable AI credit score for quick loan approval.

The platform facilitates lending from financial institutions, impact investors or through crowdfunding, and mitigates risks by establishing a closed-loop supply chain.

Capability and features

Slide features an AI chatbot, secure QR for payment and traceability and an eWallet to facilitate transactions. Revenue is generated through platform fees and transaction fees.

Farmers use the platform to apply for loans, arrange payment and collection, and find up to date price information, thereby maximising the value of their harvests.

Traders use the platform for loans, crowdfunding and to improve traceability.

Lenders benefit from KYC data, AI Credit Scores, and to manage their loans more effectively.

Progress to date

Slide is currently used by banks and the Singaporean government, and has been audited and approved by the Singaporean and Indonesian governments. More than 500 farmers have used the platform.

Slide are collaborating with MUFG to use Slide to empower supply chains in ASEAN. BNI (Bank Negara Indonesia) white-labels Slide for international remittance, and AUB (Asia United Bank) are set to use Slide in the Philippines.

 

Agribuddy


About

Agribuddy connects farmers to resources and networks. Their digital platform is both a mobile application and a web application, which farmers use alongside a “buddy” to store data and order supplies as needed. Agribuddy enables farmers to have access to capital through bank loans, as well as higher quality farm inputs.

Capability and features

Farmers get the necessary inputs to their farming needs as and when required in the value chain. The digital platform understands what farmers need (seeds, pesticides, tractors, etc.) and when they need it, so farmers can focus on farming. This reduces the stress and hassle for the farmers and significantly improves the output in terms of harvest.

Buddies are the main sources of data input into the system, and are mentors to farmers who are learning to use the digital platform. Buddies enable the connection of suppliers to farmers using the platform and also enable all aspects of transaction payment throughout the lifecycle.

Buddies who potentiallycan manage up to 50 farmers get a commission from the farming lifecycle.

The goal is to connect the input suppliers to the digital platform using a cashless transaction system. Agribuddy’s large farmer network boosts their revenues, and in the future all aspects of the transactions will be on the blockchain which improves traceability.

Progress to date

Achievements:

Agribuddy has over 47,000 registered farmers with 4,000 availing fill services, as well as partnerships with banks in Cambodia, Crop insurance companies and local governments.

Upcoming initiatives include credit rating of farmers to enable loans, harvest forecasts, and improved data tracking through IoT sensors and drones.

Eragano


 

About

Eragano offer a range of solutions for farmers who are otherwise trapped by middle men. Eragano connect farmers to lenders, who giving them access soft loans. This helps farmers buy good quality inputs, while they also receive guidance and financial literacy training – all through the mobile app. Their unique formulas and credit scoring methodologies gives them insight into farmers’ specific needs, allowing them to prescribe the most appropriate financial and agricultural products.

Capability and features

Farmers participate in workshops to learn how to use the technology, and are provided ongoing support to build their tech literacy. They are connected to a range of partners; banks for soft loans, open markets for better prices, agricultural experts for relevant advice, and field managers for offline assistance. This frees them from middle men, who use predatory loans and offer low crop prices.

FMCGs can access good quality harvests, since farmers have expert assistance in harvesting and grading their crops. They are also able to bypass middle men, and can ensure that their purchasing in in line with their CSR policies. Eragano generates revenue through these crop sales, whilst ensuring farmers get a much better deal than what they would have otherwise received.

Lenders receive access to trusted and recommended farmers, who will then purchase financial products.

Progress to date

Achievements:

Eragano has over 5,000 farmers to date, with some farmers currently supplying to Unilever. They have been recognised by Swiss Innovation, Women In Tech, Asian Ricebowl Start Up and awarded “Best agriculture startup (Telkomsel Version)”. The team are currently developing Eragano station centres in Indonesia.

 

Cropital


About

Cropital is a financial platform for smallholder farmers, serving as an alternative to predatory loan sharks. Cropital enables value chain financing, which improves profitability of farmers and decreases risks for lenders.

Cropital enters a community by establishing a local program that gathers farmer’s details, led by a community manager. Each farmer is assessed and given a credit score, then Cropital makes recommendations to both the farmer and a lender about how a mutually beneficial arrangement can be structured. Funding comes from a crowdsourced pool of lenders, who want to support farmers through fair financing.

 

Capability and features

Farmers are able to join a contract growing program whereby they have access to low-interest loans (typically at rates of approx. 12%), interventions that can increase yields, appropriate financial products and fair market prices for their harvests.

Lenders may select and lend directly through the Cropital’s crowdfunding platform. Lenders receive impact updates on the farmer they lent money to, along with fixed interest returns, upon farmer’s harvest/payment.

Traders are contract growing partners who commit to purchase the produce of farmers at fair market price. This creates an assurance for specific varieties of crop, which are secured through an agreement as part of the program.

Progress to date

Cropital has raised over USD600k of loans for farmers, and has acquired over 37,000 individual lenders on the platform.

To date, over 600 farmers are onboard.

 

N-Frnds


About

N-Frnds is transforming smallholder farmer value chains by providing access to finance, agricultural information, collection data and interactive communication and engagement solutions, all through the farmers’ existing mobile phone. N-Frnds works with Governments, Ministries of Agriculture, Financial Institutions and FMCG companies to better reach, serve and source from farmers throughout the value chain. For example, in Indonesia the N-Frnds platform is used by Nestle coffee farmers to open bank accounts, save, receive loans, make payments and gain access to financing.

Capability and features

Farmers use the platform to access financial services such as loans and savings accounts, as well as gathering valuable information on prices and contact with extension workers, all without mobile data.

Lenders use the platform to provide end-to-end mobile loans (through digital KYC process) and as a virtual point of sale, allowing them to engage with customers/borrowers who don’t have access to the internet.

FMCGs use N-Frnds as an enterprise solution to serve smallholder farmers and consumers, creating greater visibility and building loyalty throughout their value chain.

Progress to date

N-Frnds has over 4 million farmers on board, and 15 million total users. They also have strategic partnerships with Microsoft, Mastercard and several large financial institutions, who use N-Frnds to access and serve a new range of customers that are not yet in the digital world.

 

Alternative Data Credit Score and Verification


About

LenddoEFL’s mission is to provide 1 billion people fast and convenient access access to low cost, powerful financial products. They use AI, advanced analytics and behavioural data helping serve the underbanked people and small businesses in emerging markets.

LenddoEFL use new, alternative sources of data, such as psychometric assessments, mobile phone data, digital footprints and more. These can be used in place of traditional financial history to understand credit risk and identity verification.

Capability and features

LenddoEFL offers businesses a Software As A Service (SaaS) packages, improving the way financial institutions perform credit scoring and borrower verification. LenddoEFL integrate their API/button into their client’s applications, allowing them to on-board new borrowers and gather information. Thanks to LenndoEFL’s feature library, clients report increases f in portfolio size while maintaining risk levels, decreases in default without decreasing approvals, and a increases productivity due to efficiency gains and reduction in turnaround time. All of this adds up to significant return on investment, with ROI upwards of 1300% in some cases.

Progress to date

Lenddo have been recognised as one of Fast Company’s World’s Most Innovative Companies in Finance 2018, were the Grand Prize Winners at the 2017 MIT Financial Inclusion Challenge, and are a World Economic Forum Technology Pioneer.

LenddoEFL have worked with over 50 leading financial institutions across 20 emerging markets and helped more than seven million people get access to financial services.

Lenddo have assisted over 5,000 farmers, and partner with FICO to reach emerging markets such as Russia, Turkey and India.

TaniFund


About

TaniFund is a crowdfunding platform for agricultural activities in Indonesia. TaniFund connects farmers with alternative financing from the broader public. Individuals and/or entities can choose to invest their fund into a cultivation project of their preference. TaniFund’s innovation is a solution for the unbankable smallholders farmers and, at the same time, benefits those with excessive funds with a profitable investment option.

Capability and features

TaniFund’s projects are exclusively for groups of farmers, not individuals. This approach allocates the responsibility to the group in keeping their farmer members in check (i.e. in microfinance, in repayment, whilst in TaniFund’s scheme, in ensuring levels of production).

Funds gathered from the public are not disbursed lump sum at the beginning of the project, unlike most banks and financial institutions, but weekly, according to the farmers needs. These amounts are calculated at the beginning—which then will be included in the prospectus—involving both the farmers and TaniFund’s team, before the project is even posted in TaniFund’s website. One uniqueness of TaniFund is that in this calculation, labor cost of the farmers are included so as to ensure that the farmers have a steady income, to cover their household expenditures.

 

The project period is designed as to provide more than one harvest, to anticipate any force majeures that can resulted in harvest failure. This is to keep the accountability in ensuring public’s funds invested in TaniFund’s projects. In the anticipation against agriculture practices that are prone to force majeures, is the diversification of projects’ location, so if half a hectare suffers a pest invasion, there is still half that can produce harvests.

The harvest produced from TaniFund projects is absorbed entirely by the marketplace TaniHub, and priced in accordance to TaniHub’s quality standard. This is a mitigation against price volatility in the market in the future (prices are agreed upon during the making of prospectus).

Progress to date

TaniFund has managed to crowdfund USD 1.5 million, distributed to 35 projects. TaniFund is the first winner of Mandiri Finspire and has crowdfunded over USD140,000 in less than 18 hours.

TaniFund has worked with over 855 farmers, and has partnerships with International Finance Corporation (IFC) and several Indonesian banks – channeling their loans to smallholder farmers.

TaniFund is working to incorporate climate smart practice into the projects, as to encourage resilience and climate adaptive practice in Indonesian agriculture landscape.

 

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