The startup develops a credit-first financial application that utilizes machine learning algorithms to provide short-term working capital loans specifically for small and medium-sized agricultural businesses. By offering a suite of financial products, including a digital wallet and business management tools, the platform addresses the credit gap in the agricultural sector, enabling businesses to streamline their operations.
Funding
$3.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ESXVFounders
Product
Problem
Small and medium-sized agricultural businesses often face challenges in accessing timely and flexible working capital loans due to traditional lenders' stringent requirements and lengthy approval processes. This credit gap hinders their ability to efficiently manage cash flow, purchase necessary inputs, and meet market demand.
Solution
Avenews provides a credit-first financial application tailored for agricultural SMEs, offering quick access to working capital through a fully digital platform. The platform utilizes submitted MPESA and bank statements to provide a tailored financing offer. Approved businesses can request funds through a secure mobile app and receive them quickly. Avenews also enables recurring access to funds, allowing businesses to repay and re-access credit with increasing limits as they grow.
Target Audience
The primary target audience includes small and medium-sized agribusinesses in need of working capital to increase stock, purchasing capacity, and manage cash flow, with a minimum of 12 months of operation and monthly sales exceeding KES 300,000.
Features
- Agri Credit Line: Short-term working capital loans with flexible repayment terms.
- Invoice Financing: Advances on unpaid invoices to improve cash flow.
- Mobile App: Secure platform for requesting and managing funds.
- Digital Application: Streamlined online application process with eligibility check.
- Recurring Access: Ability to re-borrow with higher limits upon successful repayment.
- Fair Pricing: Transparent pricing with no hidden fees, charging only for the funds used.
- Personal Support: Access to financing specialists via calls, email, and WhatsApp.