AgriDigital is an Australian Fintech company that's about to hit the market. The Aussie fintech has managed to raise, as of 2022, over $17.4 million. It is a niche fintech that allows thousands of farmers to manage their grain supply chains.
And not just farmers, but bulk handlers and traders. In this blog piece, we’ll give you a snapshot of this extremely targeted and pigeonhole fintech and how, thanks to its passionate team, has been allowing farmers to grow their supply chains and operations.
What is AgriDigital?
AgriDigital is a cloud-based commodity management platform. That commodity is grain. The company was spearheaded and founded by a dedicated group of agricultural professionals with a combined 80-years of experience in the field. The team, using today’s techs, as well as their personal knowledge, managed to create a digital ecosystem where farmers and traders can interact in confidence.
The company aims to become an industry leader, particularly since it is one of the few that uses blockchain software and platforms to assist in the transaction and settlement of agricultural commodities. Blockchain tech allows it access to distributed ledgers, anonymity, and smart contracts. AgriDigital leverages this tech to help farmers grow, get paid immediately, save money and time on brokerage, and enable paddock to plate transparency for consumers.
The AgriDigital platform isn’t just aimed at farmers and growers, but anyone involved in the purchase, sale, or storage of an agricultural commodity. Its main commodity is grain.
AgriDigital Features
AgriDigital is a fintech that’s aimed at a very specific group of consumers — mainly people that trade in agricultural commodities. This makes it a very limited and niche-oriented fintech. One that is mostly aimed at people who are moving grains or other agricultural commodities, selling and trading them, bulking up in them, or looking for financial options to grow in this industry.
Emma has created a 5 module platform that describes the benefits of using AgriDigital and more importantly how it works in the real world.
Transactions
The transaction module of the AgriDigital platform allows sellers and buyers to enter into iron-clad contracts, manage transaction prices, supervise deliveries and inventory, and manage all their everyday logistics. This includes, but is not limited, to invoicing taxes, and payments.
Storage
Through the storage module, framers and trades can contact or supervise storage providers and site operators. This module allows them to manage their stocks, create deliveries into sites or ports, manage inventory, and oversee the quality of their silos.
Connections
This module is a customer management solution that underpins all other modules — it is the equivalent of a main dashboard.
Finance
The finance module allows farmers and traders to have quick, easy access to finance and repayments options. This is a module that, also of 2021, was still in its infancy.
Remit
The final module, the remit module, automatically calculates and then collects payments from buyers — and then splices it up into different deductions, including government and industry levies, end-point royalties, storage fees, provider fees, transportation fees, etc.
History of AgriDigital
AgriDigital was part of an Australian entrepreneurs program in 2017. Emma Weston, CEO, and Founder of AgriDigital bull her company from 22 staff members, She received a $1 million Accelerating Commercialization Grant due to her ambitious proposal of how to make the global agricultural supply chain easier and more transparent.
Afterward, they spent two years developing the tech and state-of-the-art solutions needed to solve most agricultural supply chain challenges.
AgriDigital gives its clients live - real-time - information about their assets — this information includes but is not limited to location, and status. AgriDigital platform provides users with full-scale trade flow supervision, quick and easy access to finance, and the ability to trace the origins and routes of items through the use of blockchain technology.
These standards, partially its use of blockchain tech, drastically reduces the risk of fraud and gives users fast payment rates.
As of 2021, AgriDigital has over 37 customers, and more than 3000 active users, and is operating in 30 different countries. The company deals yearly with 5.2 million tonnes of grains and cotton and has managed to supervise over $1 billion worth of transactions through its platforms.
The company, which as of 2019, has delayed in otter markets besides Australia - including the US - aims to become the leader of agricultural solutions worldwide.
