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ThriveAgric

“Can a farmer-financing platform turn smallholder African agriculture into a bankable, data-verified asset class for institutional lenders?”

Founded2017
HQAbuja, Nigeria
FoundersUka Eje, Ayodeji Arikawe
Total raised$62.8M
Latest roundDebt, 2022 ($56.4M)
IndustryVertical SaaS / Agriculture
The story

Founded 2017 as an agri-fintech platform crowdsourcing capital from retail investors to fund smallholder farmers' inputs. After a 2020 crisis where the platform struggled to pay investor returns during COVID, ThriveAgric pivoted from retail-funded crowdfunding toward institutional debt capital from commercial banks — culminating in a $56.4M debt facility in 2022. It has since positioned itself as an 'Agricultural Operating System' (AOS) — a supply-chain and financing platform rather than a consumer-facing fintech — targeting $500M in credit deployed to 10M farmers across Nigeria, Ghana, and Kenya by 2027.

Last 12 months
2024-06
2024-04
Product timeline
2017
Founded by Uka Eje and Ayodeji Arikawe as agri-fintech for smallholder farmers in Nigeria· founding
2020
COVID-19 crisis; Adia Sowho brought in to help steer the company through investor payout challenges· pivot
2022
Raised $56.4M debt financing from local banks and institutional investors + $1.75M USAID grant· funding
2022
Won Visa Everywhere Initiative global final· partnership
2024
Partnered with Acorn Rabobank on carbon credit program for 30,000 farmers· partnership
2024
Partnered with Visa to expand into Kenya (Busia, Homabay, Migori, Nandi, Narok counties)· expansion
Regulated entities
1
regulatory licence held by ThriveAgric
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in ThriveAgric’s embedded-finance stack
Lending
ThriveAgric (in-house)Input financing (farm inputs, not cash)Off-taker financingMicroloans to smallholder farmersAgricultural Operating System (AOS) credit
Accounting gap: significant