Accion Venture Lab, a unit of measurement of U.S.A.-based nonprofit Accion, recently took an equity stake of undisclosed size inwards TerraMagna, an agricultural financial engineering (fintech) startup inwards Brazil that partners with retailers of farming inputs on underwriting inward addition to funding loans to smallholder farmers. To review loan applications, TerraMagna uses a “proprietary machine learning platform inwards add-on to monitoring applied science scientific discipline to generate a more than personalized farmer credit grade.” Additionally, it harnesses “satellite imaging to appraise inward add-on to monitor collateral,” allowing lenders to hold crops every bit collateral. As the crops virtually readiness for harvest, the satellite data allows TerraMagna to guess yields too inform the input retailer of the impending harvest. This helps the retailer insure that the farmer sells the crop as promised inwards the loan contract, generally to a prearranged buyer for a prearranged toll. TerraMagna monitors 22,000 farms each calendar calendar week amongst full collateral value of BRL 15 billion (USD ii.86 billion).
Accion created Accion Venture Lab inward 2011 to serve every scrap its “seed-stage investment arm.” The mission of the investment vehicle is to support “technology inward add-on to [other] novel approaches that assist underserved people in addition to small-scale businesses do practiced from the world’sec formal economic system.” The mass of Accion Venture Lab’minute investees are inwards microfinance in addition to fintech. It typically invests USD 500,000 inward early-stage startups. As of May 2020, its portfolio consists of 38 enterprises.
Founded inward 1961, Accion is a nonprofit that seeks to alleviate poverty past offering services such equally microenterprise loans together with concern grooming. As of 2019, Accion has nigh 160 partners inward 55 countries across Africa, the Americas also Asia. Its microfinance establishment partners concur around USD 1.9 billion inwards deposits. Accion also invests through Accion Global Investments together with Accion Frontier Investments as well every scrap conducting inquiry via The Center for Financial Inclusion.
By Romil Pandey, Research Associate
Sources in addition to Additional Resources
Direct contact with Accion
Accion press unloosen
Accion 2019 financials
Past MicroCapital article on Accion
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