ProducePay, which offers a marketplace to connect produce growers with capital and data, has unveiled a product called Quick-Pay+ that it said will offer growers access to pre-vetted customers and improved cash flow, according to a Friday (Feb. 18) press release.
Using Quick-Pay+, ProducePay said in announcing the new service, growers will be able to get up to 96% of the price of a shipment within 24 hours of the recipient confirming its arrival.
“With Quick-Pay+ not only will growers increase their yield, but buyers will have the possibility to expand their business and diversify their commodity portfolio with growers in the United States, Mexico and South America,” ProducePay said.
“This is an important milestone for the agribusiness, since never have producers had the ability to recover their investment so quickly, therefore allowing them to reinvest capital and make production more efficient,” Pablo Borquez Schwarzbeck, chief executive and founder of ProducePay, said.
ProducePay said on its website that it has served more than 800 customers and has financed the production of more than $3 billion in fresh produce since it was founded in 2014.
The company claims its financing stands out because it offers “higher funding amounts,” ranging from $200,000 to $5 million per growing season; has no requirement that borrowers use land as collateral; and doesn’t demand repayment before products go to market.
Schwarzback, according to his biography on ProducePay’s website, is a fourth-generation Mexican farmer. The company lists its funders as Socialleverage, Rabobank, Greenhouse Capital Partners, Coventure, FJ Labs and Anterra Capital.
The company has staff in California, Florida and Mexico.
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