Farmers’ credit rating app startup gets Safaricom funding
Friday, February 10, 2017
FarmDrive, a startup firm which helps farmers gain access to cheap credit, has received an undisclosed capital injection from Safaricom’s Spark Fund.
The investment in the form of convertible notes may see Safaricom gain shareholding in FarmDrive in the future.
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.
Source: Business Daily Africa (link opens in a new window)
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