Pumpkn is revolutionizing agribusiness financing in Africa, securing funding from Renew Capital to address the critical funding gap that hampers the growth of agricultural small and medium-sized enterprises (agri-SMEs). By leveraging data for credit assessments, Pumpkn enables lenders to identify bankable businesses and manage loan portfolios, making agribusiness financing commercially viable and accessible.
Agriculture is a cornerstone of Africa’s economy, contributing approximately 35% to the GDP and supporting nearly half of the continent’s 1.4 billion population. Despite its significance, agriculture-focused businesses often struggle to secure necessary financing. Pumpkn is dedicated to changing this by providing swift loan approvals, zero paperwork, and seamless accessibility, empowering agribusinesses to thrive and create jobs.
“Pumpkn’s commitment to enabling agribusiness growth has a direct impact on job creation,” said Zaheer Dindar, co-founder and CEO of Pumpkn. The startup’s intuitive platform links directly to agri-SMEs’ bank accounts, facilitating fast and essential financing. Pumpkn aims to provide over $1 billion in financing to 150,000 African SMEs by 2030, catalyzing job creation and economic growth across the continent.
Renew Capital’s investment in Pumpkn marks a significant step towards leveraging technology to boost Africa’s agricultural sector. “We are thrilled to support Pumpkn on its mission,” said Adam Abate, principal of investment at Renew Capital. This partnership underscores the transformative potential of technology in addressing critical financing gaps and supporting sustainable development.
Renew Capital’s investment portfolio includes diverse ventures such as Rwanda’s beauty marketplace Zuri and renewable energy solutions provider Sawa Energy. These investments, made on behalf of the Renew Capital Angels network, highlight a commitment to achieving financial returns and sustainable social impact.
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