FIRA (Trust Funds for Rural Development), a second-tier development bank that offers credit and guarantees among other products to the agriculture, livestock, fishing, forestry and agribusiness sectors in Mexico announced a new partnership with PrimeRevenue, Inc., the leading global provider of technology-enabled working capital solutions. eFactor digital solutions, powered by PrimeRevenue’s technology, will help streamline the funding of FIRA with its network of Banking and Non-Banking financial intermediaries (IF’s). The foregoing will facilitate FIRA funding in the eFactor Marketplace, which is estimated to close with more than $7.5B USD in 2022.
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This innovative model of connecting Bank with Bank, in this case, FIRA with its network of FIs and NBFIs, is created to facilitate factoring programs for clients related to the rural, agricultural, forestry and fishing sectors, as well as localities with a population of up to 50,000 inhabitants.
“This is what we are seeking: to specialize and deepen services to the agribusiness sector with a leading technology company. It is an alliance where FIRA wins because it extends services with the help of technology, and we believe that eFactor wins to the extent that it can extend its services of value for the agribusiness, ,” commented Jesús Alan Elizondo Flores, Managing Director of FIRA.
With this alliance, FIRA extends its financial services to small, medium and large producers, for working capital and factoring. Once migrated to the FIRA portfolio, they will be able to use the resources through the eFactor Network technology’s platforms.
About PrimeRevenue
As a pioneer in global B2B payments, the PrimeRevenue SurePay Platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of companies around the world leverage one streamlined platform to increase payment visibility, enhance control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong, and Melbourne. Additional information about PrimeRevenue can be found at www.primerevenue.com and on Twitter @primerevenue and LinkedIn www.linkedin.com/company/primerevenue.