{"version":"1.0","provider_name":"EWB Canada","provider_url":"https:\/\/www.ewb.ca\/en\/","author_name":"carly","author_url":"https:\/\/www.ewb.ca\/en\/author\/carly\/","title":"FarmDrive Receives Additional Investment - EWB Canada","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/www.ewb.ca\/en\/news-and-events\/news\/farmdrive-additional-investment\/\">FarmDrive Receives Additional Investment<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t\/*! This file is auto-generated *\/\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),n=d.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),o=0;o<n.length;o++)n[o].style.display=\"none\";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute(\"style\"),\"height\"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if(\"link\"===t.message)if(a=d.createElement(\"a\"),i=d.createElement(\"a\"),a.href=r.getAttribute(\"src\"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener(\"message\",c.wp.receiveEmbedMessage,!1),d.addEventListener(\"DOMContentLoaded\",t,!1),c.addEventListener(\"load\",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf(\"MSIE 10\"),a=!!navigator.userAgent.match(\/Trident.*rv:11\\.\/),i=d.querySelectorAll(\"iframe.wp-embedded-content\"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute(\"data-secret\"))t=Math.random().toString(36).substr(2,10),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute(\"security\"),e.parentNode.replaceChild(t,e)}}}}(window,document);\n\/\/--><!]]>\n<\/script><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/www.ewb.ca\/en\/news-and-events\/news\/farmdrive-additional-investment\/embed\/\" width=\"600\" height=\"338\" title=\"&#8220;FarmDrive Receives Additional Investment&#8221; &#8212; EWB Canada\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe>","description":"TORONTO, January\u00a021, 2019\u2013FarmDrive (FD), a Kenyan startup set to unlock millions of dollars in loans for smallholder farmers in Kenya and sub-Saharan Africa, received a follow-on investment from EWB Canada last month, with participation from AK IMPACT INVESTORS, 1 to 4 Foundation, ADAP SEED FUND 2 and The Lakes Charitable Foundation. \u00a0 In its fourth year, this FinTech startup founded by two Kenyan women is positioned to reach 3 million smallholder farmers in Kenya in the next 5 years. The two co-founders, Peris Bosire and Rita Kimani, aim to deliver productive digital loans and lay away savings products to smallholder farmers (SHFs) to grow their incomes and resilience. Using a combination of agriculturally relevant data, Know Your Customer data, and advanced behavioural analytics, FD has developed a proprietary Lending Engine to extend loans to these farmers. This follow-on investment will allow FD to scale to $13 million of loan originations in 2019 with minimal losses and exceptional returns using, RiPe, a customizable lending \u00a0engine that will allow lenders to plug in and access low-cost loan origination channels such as USSD, credit scoring, identity verification and a portfolio management suite that includes recovery and collections, payments, customer support and advanced real time data analytics. Elena Haba, Acting Director of Investments at EWB Canada says, \u201cFarmDrive has the potential to shift market attention and fill the credit gap between creditors and underserved small business owners like smallholder farmers. We believe that addressing this credit accessibility issue is a seminal first step towards building more inclusive and sustainable economies.\u201d The agriculture sector in Africa employs an estimated 70 per cent of the population and contributes over 40 per cent of GDP, but receives less than 4 percent of total bank lending due to a lack of personal assets, credit history, and technological tools [&hellip;]","thumbnail_url":"https:\/\/www.ewb.ca\/wp-content\/uploads\/2018\/04\/Copy-of-Concordia_ChampagneParty1.jpg","thumbnail_width":1600,"thumbnail_height":1066}