Since originating in eLab in 2014, ProducePay has continued to forge its own path in the produce industry, most recently being named to Fast Company’s list of the 10 most innovative companies in agriculture of 2023.
Fast Company’s Most Innovative Companies series highlights the firms that are making the biggest impact across 54 categories. ProducePay’s digital marketplace, which provides produce growers with a tool to make their industry more seamless and less wasteful, was featured for its mark on the agriculture industry.
Founded by Pablo Borquez Schwarzbeck, MBA ’15, who recently transitioned from the company’s CEO to its executive director of the board, ProducePay’s platform has grown 333 percent over the past year. The company is valued at over $3 billion, reaching users in North and Latin American countries.
Much of this growth can be attributed to the company’s new financing solution, Quick-Pay, which provides farmers who grow fresh fruits and vegetables with immediate access to liquidity for enhanced cash flow. Under the traditional “pick and pack” model, buyers are expected to front the cost of a grower’s shipment, forfeiting the grower’s ability to sell their products at the current market rate. Quick-Pay eliminates the need for this up-front payment, allowing growers to sell on the ProducePay marketplace at competitive rates.
In addition, ProducePay also launched the produce industry’s first carbon offset program. The company partnered with ALLCOT, which upholds strict carbon verification-standards, to launch the service in late 2022.
To learn more and view the full list of Fast Company’s 10 most innovative companies in agriculture of 2023, read the full article.