Around the world, most farmers have experienced different challenges in scaling and growing their farms. Although lending and crowdfunding platforms have popped up over the past years, it’s still very difficult for smallholder farmers to access financing. majority of small-scale farmers still cannot access tools like hybrid seeds, fertilizers, and insurance that can increase their yield and income. First, they lack access to credit and thus, cannot afford the cost of well-understood high-return investments like hybrid seeds and fertilizers. Also, smallholder farmers are very rural, remote, and difficult to reach.
Till date, approaches to smallholder financing have relied on human-driven and manual processes. The problem is these processes are costly and slow to scale. Apollo comes in, by digitizing and simplifying these processes. Apollo builds credit profiles for its small-scale farmers using machine learning models. It does so by doing its due diligence of verifying the identity of farmers and taking satellite coordinates of their fields.