Verqor, a Mexican fintech startup, raised $7.5 million, with $4 million from Yara Growth Ventures in a pre-Series A round. Other investors include Accion Venture Lab, SP Ventures, Glocal, and Amplifica Capital. Additionally, Verqor secured $3.5 million in debt financing from Co_Capital and Addem Capital.
Verqor offers cashless loans to farmers for buying agricultural supplies like fertilizers, chemicals, and organics. Around 55% of users access credit for the first time. Farmers repay the credit after their harvest sales, covering up to 90% of their costs, improving product quality and income.
Verqor aims to make credit accessible to all Mexican farmers through a tailored subscription process. It assesses a farmer's payment capacity using data like the Normalized Difference Vegetation Index, supply chain trends, weather data, and product prices.
Mexico is a significant food producer, but over 90% of farmers lack access to formal financing. Verqor plans to expand and become the largest agricultural supplier network in Mexico, bridging the gap between suppliers, farmers, and buyers.
The startup is also working on technology to speed up the credit approval process and revolutionize traditional agriculture in Mexico. Founded in 2018, Verqor connects farmers, agro-input suppliers, and product buyers, offering traceability and access to capital for the underserved but productive agricultural market.