FarmDrive Alternative Credit Scoring for Smallholder Farmers

FarmDrive is an agricultural data analytics company driving financial services to unbanked and underserved smallholder farmers, while helping financial institutions cost effectively increase their agricultural loan portfolios. Using simple mobile phone technology, alternative credit scoring, and machine learning, FarmDrive closes the data gap that keeps smallholder farmers from the financial services that would allow them to grow their agri-businesses and increase their incomes.

Fundraising

This venture has not initiated a round of financing on the VC4A platform. If they choose to, the summary of the fundraising round will appear to VC4A Pro Account users here.

Idea

We have an elevator pitch. We have a revolutionary new idea that will change the rules of the game.
We have an elevator pitch. We have a revolutionary new idea that will change the rules of the game.

FarmDrive integrates numerous streams of alternative data into an algorithm that generates credit profiles and tailored loan terms for farmers. Thus, when farmers apply for a loan through FarmDrive's mobile app, financial institutions are presented with de-risked, pre-vetted clients to whom they can immediately disburse loans using mobile money.

Team

We have a business network and can get introduced to the right people. We can build the product - our team has what it takes. Given the time and money, we can deliver on our promises.
We have a business network and can get introduced to the right people. We can build the product - our team has what it takes. Given the time and money, we can deliver on our promises.

Co-founders Rita Kimani and Peris Bosire are data scientists who are passionate about using technology to improve lives. They bring technical experience from major companies, including IBM and PwC, and both earned First Class Honours in Computer Science at University of Nairobi.


Product

We have a working product and you can request a demonstration. We have developed the product ourselves and own all of the IP for the product.
We have a working product and you can request a demonstration. We have developed the product ourselves and own all of the IP for the product.

In 2015 FarmDrive developed a minimum viable product and launched with a Kenyan MFI to test and refine. Through the partnership, FarmDrive has disbursed over $125,000 in loans. We are now onboarding more financial institutions to increase lending capacity to smallholder farmers.

Revenue

We will earn revenue from an advertising model. We have a cash-flow prognosis. We already have revenue from paying customers.
We will earn revenue from an advertising model. We have a cash-flow prognosis. We already have revenue from paying customers.

FarmDrive's revenue model utilizes multiple streams of income to ensure growth and stability. 1. Subscription: Partner institutions may license FarmDrive's credit scoring model for a monthly fee. 2. Transaction: Financial institutions and other lenders pay a transaction fee for each of their applicants whom FarmDrive profiles. 3. Revenue Share: Financial institutions and insurance companies share a portion of the revenue earned from clients for whom FarmDrive creates loan/insurance terms.

Team

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