JICA Signs Deal to Invest in Brazilian Farm Fintech Firm

   Sao Paulo, May 28 (Jiji Press)--The Japan International Cooperation Agency has decided to invest in Brazilian fintech company Agrolend, which offers financing to small- and medium-sized farmers in the country within as quickly as two days of application.
   The Japanese government-backed agency held a signing ceremony Wednesday in Sao Paulo, the biggest city in Brazil. It hopes the investment will help ensure stable food procurement by Japan, which imports such crops as soybeans and corns from the South American agricultural giant.
   Fund procurement has been a bottleneck for small- and medium-sized Brazilian farmers, who account for over 70 pct of all farmers in the country. By utilizing information technology, Agrolend successfully shortened the period needed for screening loan applications.
   The company has allowed farmers in need of funds to purchase seeds and fertilizers to apply for financing via the WhatsApp communication app and receive loans quickly.
   Established in December 2020, Agrolend provides financing services to some 2,700 farmers in Brazil. In the latest fund raising deal aimed at expanding its businesses, the company procured 56 million dollars from JICA and others.

(2025/05/29-14:17)