ProducePay (IDBI-13082-01)

Regions
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 18, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Produce Pay Inc.
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 8.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 8.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Mar 5, 2021

Disclosed by Bank Feb 26, 2021


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Project Description
<div class="block">IDB Invest is considering an investment of up to US$8 million in Produce Pay Inc.&nbsp; (the &ldquo;Company&rdquo;).&nbsp; The Company develops, manages, and operates a proprietary agri-fintech platform that provides fruits and vegetables growers with financing, marketplace, and market intelligence. The innovative and disruptive business model facilitates access to working capital financing to mostly small and medium growers in Latin America exporting their produce to the United States, while its marketplace and market insights services help them create new business opportunities with fair and transparent commercial conditions.&nbsp;<br /><br /> <div class="intro-frame block-wysiwyg"> <div>The Company will utilize the proceeds of the new equity round to enhance its online platform and operating capacity in order to expand further its operations in Latin America. As the Company grows, it expects to positively impact growers enabling them to scale up their businesses.</div> </div> </div>
People Affected By This Project

For project inquiries, including environmental and social questions related to an IDB Invest transaction please contact the client (seeInvestment Summarytab), or IDB Invest using the emailrequestinformation@idbinvest.org.As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing tomecanismo@iadb.orgorMICI@iadb.orgor calling +1(202) 623-3952.

Investment Description
  • IDB Invest (IDBI)
Private Actors
Contact Information

Contact name: Ben Dusastre
Title: President
Phone number: +1 424-377-4712
Email address: ben@producepay.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IDB Invest)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IDB Invest is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).