Farmers’ credit rating app startup gets Safaricom funding
FarmDrive, a startup firm which helps farmers gain access to cheap credit, has received an undisclosed capital injection from Safaricom’s Spark Fund.
Safaricom established the Sh103.6 million ($1 million) private equity fund in 2013 to support early-stage technology start-ups.
FarmDrive uses mobile phone technology to assign credit scores to smallholder farmers. It also links up the farmers to potential lenders through its application.