Foley & Lardner LLP represented Agrolend, a Brazilian fintech that works with retailers to the agriculture sector to offer credit to farmers via an app, in its recent $14 million (BRL 80 million) Series A financing. The round was led by Valor Capital.
Agrolend is a financial institution authorized by Brazil’s Central Bank to operate as a Direct Credit Society. The company has chosen not to operate as a credit intermediary; thus, the fintech originates the credit and formalizes the securities, does the risk analysis, makes the loan, and does the collection at the end. Agrolend’s target public is an estimated contingent of 700,000 small and medium-sized rural producers of all kinds of crops (grain, livestock, dairy) spread over all Brazilian states, with annual revenues between U.S. $91,575 and $915,750 (BRL 500,000 and BRL 5 million). Agrolend plans to invest its Series A round in improving the platform’s technology and credit offer model, growing its team from 15 people to 50 by the end of the year, and expanding the credit offer.
Partner André Thiollier led the Foley team with assistance from Associate Saige Gallop.