IFC Supports ProducePay to Improve Mexican Farmers' Access to Finance and Global Supply Chains
In a bid to bring transparency, predictability, and fairness to burgeoning Mexican fresh produce exports, an investment by IFC, a member of the World Bank Group, aims to identify innovative players that can promote inclusion and competition. The investment will help reduce traditional banking costs and improve supply chains boosting financial access, productivity, and exports.
As part of the financing, IFC is investing $6 million in ProducePay, a California-based agriculture fintech company that offers a suite of solutions ranging from grower financing, real time data and analytics, and a marketplace for all growers, distributors, and suppliers. This investment is part of a $43 million Series C funding round led by Silicon Valley-based G2VP and co-led by IFC with the participation of the IADB (InterAmerican Development Bank). While helping the company reach more farmers in the Latin America and the Caribbean(LAC) markets, IFC's participation will improve the company's credibility for current and prospective investors.