ArabFinance: Egypt-based agri-fintech startup Mozare3 is working on brining financial services to unbanked farmers, Wamda reported.
The startup banks on the growing need for microcredit loans by farmers amid the current surge in mobile payments accelerated by the Covid-19 crisis. It hopes to become a one-stop-shop where farmers can perform financial transactions digitally, such as paying bills, transferring money, buying goods and services.
Aiming to enable farmers to secure a steady stream of income, Mozare3 also facilitates contract farming agreements for farmers, connecting them to a network of manufacturers and off-takers.
The company sources raw materials and fresh produce directly from farmers, turns them into food products and sells them in Egypt as well as international markets.
The startup plans to onboard as many as 1,500 farmers as well as more manufacturers.
In May 2021, Mozare3 raised a $1.1 million pre-Seed round led by Algebra Ventures and Disruptech, and is in the process of closing another round in the coming period.
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