Los Angeles – Los Angeles based financial technology startup, ProducePay, has launched a fresh produce procurement service helping US distributors source fresh produce commodities from US and international growers. The new procurement service, called PartnerMatch, augments ProducePay's innovative suite of financial solutions for growers and distributors. The new PartnerMatch service has already led to multiple buyer-seller matches between establish US distributors and growers in Mexico and Chile.
The company's primary offering, the Next Day Advance program, introduces a new cash flow alternative for fresh produce companies allows payment to growers the day after they ship to a US distributor in the ProducePay network. This service also benefits US distributors by relieving financing burdens and by expanding their buying capacity which has traditionally been constrained by availability of their own capital. Payment advances are customized to the buyer-seller relationship and can range from 40% to 80%.
ProducePay, which relocated to Los Angeles from New York in June, 2014, was founded in December 2014 by 4th generation Mexican farmer, Pablo Borquez Schwarzbeck while completing his MBA at Cornell University. Pablo has been named to Farm Journal Media's Ag 40 Under 40 for 2015 (http://40under40ag.com/2015/12/09/poblo-borquez-schwarzbeck/) which recognizes young leaders helping to meet the challenge to feed the world's 9 billion people by 2050.
About Us:
ProducePay is a financial technology & financial services company providing immediate cash flow and custom procurement services to US and international fresh produce companies. The company, with offices in the Downtown Los Angeles financial district, has grown to almost 10 employees and is growing fast.
Lear more about ProducePay at: https://producepay.com
Source: ProducePay
