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Brazil’s agro fintech company Nagro has secured $49 million in funding from equity and debt sources, including Kinea Ventures and Revolution. The funding will be used to expand Nagro’s credit solutions for rural producers, focusing on credit analysis, risk monitoring, and digital credit allocations.

Nagro’s goal is to assist small and medium-sized producers at all stages of their business. These would range from short-term working capital to long-term investments.

“We use algorithms and artificial intelligence to grant credit within 48 hours and create a relationship environment, where rural producers are the center of our attention,” Nagro says on its website.

Since its establishment in 2017, Nagro has provided over $60 million in credit to more than 5,000 rural producers, reduced defaulted loans in the agricultural sector, and plans to serve over 10,000 rural producers by 2024 with improved credit options.

In May, the Brazilian division of commodities trader Bunge (NYSE: BG) introduced a fintech initiative named Fincrop, which has access to $500 million for facilitating transactions between farmers and agricultural input retailers.

Fincrop will extend credit following a risk evaluation that emphasizes social and environmental factors. Bunge will assess sustainability practices by monitoring farm data, including satellite imagery and up-to-date field information.

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