SatSure Partners with Rabo Partnerships to Revolutionize Cash Flow-based Lending for Smallholder Farmers
BENGALURU, India, July 27, 2023 /PRNewswire/ — SatSure, a global leader in EO space data applications, is pleased to announce its partnership with Rabo Partnerships. This strategic collaboration aims to drive the access to cash-flow based lending for smallholder farmers globally. By leveraging SatSure’s cutting-edge technology and Rabo Partnerships’ expertise in financial services, this partnership will tackle the challenges banks face and facilitate financial inclusion for unbanked farmers.
The alliance aligns with SatSure’s Banking Solution, SatSure Sage, a suite of applications designed to empower lending institutions in making intelligent decisions in agricultural loan management. By harnessing the power of satellite data, location intelligence, and Machine Learning, SatSure Sage bridges information gaps and enables lending institutions to scale operations while reducing costs. Simultaneously, it enables farmers access to credit through alternate data for banks to assess risk of lending, even in the absence of the necessary data points.
“Rabo Partnerships is pleased to work with SatSure to increase farmer livelihoods and sustainable Agricultural Finance across the globe!” says David Gerbrands (Global Head Advisory and Inclusive Business Ventures at Rabo Partnerships). “SatSure’s and Rabo Partnerships’ combined technology, network and capabilities will allow us to help financial institutions strengthen their risk management, collection, and portfolio growth to the agricultural sector, including small holder farmers.”
Mr Prateep Basu, Founder & CEO of SatSure, expressed his enthusiasm about the partnership, stating, “Leveraging our relationship with banks, we are certain that this collaboration will empower the agri-lending ecosystem to create innovative financial products for unbanked farmers based on the cash flow model rather than traditional land-based collateral, where digitization is still work in progress.”
This global partnership will address several challenges faced by banks when developing lending products, including:
- Continuous monitoring of crop health, stress and associated parameters which impact crop performance and farmer’s income potential
- Farmer credit access problems in developing countries
- Providing alternate data through SatSure’s data products for banks to onboard new to credit and new to bank farmers
- Efficient risk monitoring and mitigation for post loan disbursement with insights from satellite imagery
- Efficient planning of loan collections driven by insights from satellite imagery
About Rabo Partnerships
Rabo Partnerships is a wholly owned subsidiary of the Rabobank Group, focused on creating structural impact through improvement of financial inclusion, private sector development and food security. Drawing on the capabilities of the Rabobank Group, Rabo Partnerships contributes with knowledge, networks, digital solutions, impact finance and investments to partnerships for improving rural development and agricultural sectors in emerging economies. Rabo Partnerships focusses on two out of the three transitions Rabobank wants to contribute to: A More Inclusive Society & Food Transition. Our strong conviction is that we can only grow a better world together in partnership with public and private sector partners. For more information, go to Rabo Partnerships – Rabobank.
About SatSure:
SatSure is a Bangalore-based startup at the forefront of solving rural financial inclusion challenges using data from space. SatSure has developed innovative solutions by merging the power of satellite image analytics, cloud computing, and artificial intelligence. It is building India’s highest resolution optical and multi-spectral satellite fleet, and currently offers solutions across the agriculture, BFSI, aviation, utilities, and renewable sectors. SatSure has two international subsidiary offices in the U.S. and the U.K., and is backed by Baring Private Equity Partners India and Asian Development Bank Ventures as investors. SatSure has played a pivotal role in contributing to the digital journeys of some of India’s top banks lending to farmers. Notably, HDFC, ICICI Bank, and Kotak Mahindra Bank, who are the esteemed clients of SatSure, have also invested in the organization. SatSure has also launched a joint product in November 2022 with Transunion CIBIL, further highlighting the company’s commitment to fostering the maturity of SatSure Sage’s products for financial inclusion of smallholder farmers.
Photo: https://mma.prnewswire.com/media/2162475/SatSure_Rabo_Partnerships.jpg
Logo: https://mma.prnewswire.com/media/2162476/Satsure_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/satsure-partners-with-rabo-partnerships-to-revolutionize-cash-flow-based-lending-for-smallholder-farmers-301886552.html
