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Company name

Produce Pay Inc.

Project number

13082-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Regional

Sector

Agribusiness

Status

In implementation

Disclosed date

02/26/2021

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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04/27/2021

Approval date

04/27/2021

Signed date

05/03/2021

Sponsoring entity

N/A

Team leader

Narvaez, Carlos Eduardo

Investment type

Syndicated amount

N/A

Financing amount

USD $ 8,000,000

Currency

USD

Project scope and objective

IDB Invest is considering an investment of up to US$8 million in Produce Pay Inc.  (the “Company”).  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. 



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.


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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.

PRODUCEPAY - ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY AND ACTION PLAN (ESRS, ESAP) FEB

143.4 Kb

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Contact information

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Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Ben Dusastre

POSITION

President

PHONE NUMBER

+1-424-377-4712

EMAIL

ben@producepay.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices