SYDNEY, AUSTRALIA: Spenda Limited announced a strategic investment of $1.025 million in blockchain data partner, Fresh Supply Co. Pty Ltd (FSCO) to continue the company’s growth into the Agricultural business sector, both domestically and internationally.

The investment in Fresh Supply Co is the digital cornerstone of Spenda’s Agribusiness strategy that brings integrated provenance and farm operating data that can be used across the Spenda solution to trigger payments and de-risk lending.

Agribusiness transactions and payment flows are substantial and often greater than flows in other industries. FSCO has been recognised as a leader in the digitised asset space and is currently actively working across multiple food supply chains from aquaculture, horticulture to mixed farming, dairy and meat production.

Provenance is increasingly essential to each financial farming transaction and the Fresh Supply Co. implementation of the block chain provides a flexible and scaleable solution to capture, store and use farming data.

“Together we have neatly integrated the FSCO solution with Spenda’s Accounts Receivable, Accounts Payable and Wallet capabilities to produce a joint product that can be adapted to both new and existing Agribusiness customers and deliver growers faster payment cycles and access to capital,” a statement noted.

The Board of Spenda Limited views the investment in Fresh Supply Co as both tactical, to facilitate faster “land grabbing” of customers and strategic, with Web 3.0 and open ledgers being amongst the high growth technologies that will likely shape the future of banking.

Fresh Supply Co and Spenda Limited share a common mission, to build supply chain resilience by enhancing lending and payment flows with data driven decision making and real-time access to capital.

This investment builds on the five-year Referral Agreement for trade finance services entered by the companies in July 2021 to grow Spenda’s global payments and cash flow solution via cross border payment processing and export cash flow products.

Spenda will harness FSCO’s Agri-Software integration and blockchain technology to deliver high value, monitored data about an asset, its location and its quality, that will be incorporated into Spenda’s ecosystem.

This will allow the Company to identify, value and transact upon it. Access to robust operational farming data enables Spenda to conduct continuous credit risk assessments, mitigate credit exposure risk and allow Spenda to automate payment triggers based on achieving specific milestones or criteria in the farming life cycle.

Spenda Limited and Fresh Supply Co. have worked closely over the past year to develop and enhance their product mix to help agribusinesses gain end-to-end visibility and efficiencies across their supply chain. The joint solution combines the strengths of both businesses, leveraging operational data provided through FSCO’s blockchain technology to streamline B2B payment operations and enable automated access to affordable financing.