Renew Capital makes first investment in South Africa
Renew Capital has made an investment in Pumpkn, a South African agribusiness loan platform.
Renew Capital has made an investment in Pumpkn, a South African agribusiness loan platform.
Pumpkn leverages data to make credit assessments of agricultural small and medium-sized enterprises. On the other hand, Pumpkn helps lenders easily identify bankable businesses and manage their loan portfolio. Pumpkn’s overall objective is to make agribusiness financing commercially viable for lenders and make loans accessible for agribusinesses. These loans help these businesses to obtain the necessary tools, machinery, and equipment to facilitate their growth.
“Despite agriculture being the major GDP contributor for many African countries, many agriculture-focused businesses still have a hard time finding the financing they need to grow and thrive. Pumpkn is committed to working closely with agribusinesses to enable their growth, with a direct impact on job creation,” said Zaheer Dindar, co-founder and CEO of Pumpkn. “Pumpkn seeks to fill the financing gap for agribusinesses by providing farmers and entrepreneurs with the financial resources they need to thrive.”
Pumpkn’s aim to provide fast loan approvals, zero paperwork and seamless accessibility. Pumpkn's intuitive platform directly links to agri-SMEs' bank accounts, empowering them to swiftly secure essential financing.
“We are witnessing an important shift in Africa, with technology playing a major role in boosting sectors including agriculture,” said Adam Abate, principal of investment at Renew Capital. “We are thrilled to support Pumpkn on its mission and proud to have them as our first-ever investment in South Africa.”
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