ProducePay, an agriculture marketplace dedicated to providing trade protection, capital, and market insights for members of the produce supply chain, launched Quick-Pay+, a new financing option that allows growers to improve their yield and cash flow while connecting them with pre-vetted buyers. Through this solution, the company aims to boost the fresh produce market; since growers will be able to receive up to 96% of their shipment's value 24 hours after the buyer confirms its reception.
With Quick-Pay+ not only will growers increase their yield, but buyers will have the possibility to expand their business and diversify their commodity portfolio with growers in the United States, Mexico, and South America. According to Pablo Borquez, CEO and Founder of
ProducePay: "This is an important milestone for the agribusiness since never have producers had the ability to recover their investment so quickly, therefore allowing them to reinvest capital and make production more efficient”.
With the launch of this product, ProducePay aims to increase transactions exponentially through its platform and materialize the vision of an industry where fresh produce transactions are paid immediately and transparently upon delivery.
According to the U.S. Department of Agriculture (U.S.D.A.), in 2019 alone, agriculture, food, and related industries contributed $1.109 trillion dollars to the U.S. gross domestic product (GDP). During this year, Mexico accounted for 76% of fresh vegetable import volume, with berries and avocados on the top five imported commodities. This demonstrates the need for a transparent and easier way for American buyers to trade fresh produce.
ProducePay’s Marketplace allows buyers to conduct transparent, fair, and quality transactions directly with growers in the United States and Latin America. In 2021, 1,222 export transactions were generated between American, Mexican, and South American growers with buyers all over the country. ProducePay launched Quick-Pay+ to allow
growers who are members of its Marketplace to recover 96% of their shipment’s value 24 hours after the buyer receives it.
ProducePay has provided over 3 billion dollars in financing to members of the fresh produce supply chain across 12 countries. In early 2021, the company announced the completion of its Series C funding round for 43 million dollars. Through actions like this, ProducePay reinforces its commitment to driving the transition of the fragmented fresh produce supply chain towards a sustainable and digital future, through the creation of a global agricultural network.