E-ctare, a Brazil-based credit platform and digital wallet for rural farmers, secured a $120m investment commitment from conglomerate Conglomerado Alfa last month.
Conglomerado Alfa will provide the money over a period of three years through its corporate venturing and innovation hub subsidiary, Alfa Collab.
Founded in 2017, E-ctare provides credit for rural producers through a mobile app which includes a digital wallet. It has been working towards launching a credit card to go along with its services.
The company also provides inventory and sales management services, giving producers access to its network of warehouses across the country to help them plan harvest management.
Proceeds from the investment will be used in two main areas: for operational uses and to improve E-ctare’s platform, technology and credit offerings. Alfa Collab is already involved with 16 startups but E-ctare is reportedly the first to have received an investment from the corporate to date.
