GrowPay launches to offer flexible digital finance for farmers
GrowPay, a digital financial platform developed in New Zealand, has launched to provide agricultural businesses with flexible financial services. The new product aims to allow farmers to align loans and payments with the fluctuating cash flows typical of the sector.
Cash flow matching
GrowPay enables farmers to access a variety of lending, deposit, and marketplace products. These products are designed to suit the irregular income cycles of farming. Options include livestock trading finance and asset loans, with terms and interest rates intended to reduce pressure on working capital. Farmers can also benefit from deposit products built for periods of cash surplus, supporting better management of seasonal receipts.
Mastercard partnership
The platform is supported by YouTap and launches with its own Mastercard-branded debit card. This allows users to transact with Mastercard's global network. Cardholders gain access to 150 million merchants worldwide and use Mastercard's suite of security and fraud prevention tools.
Direct farmer involvement
GrowPay was established by Ross Hyland, who has experience in New Zealand's agricultural sector. Hyland believes that the new service helps farmers by matching financial products with real-world farming cycles.
"While farming is one of humanity's oldest practices, there is always room for innovation. We're delighted to have Mastercard's support of GrowPay's mission to disrupt current practices and provide both New Zealand farmers and the wider agricultural industry with superior and innovative financial services. This is the game-changer farmers have been asking for," said Ross Hyland, Founder, GrowPay.
Customer feedback
The new offering has already attracted New Zealand dairy farmers, including Mark and Penny Brown. Their experience reflects the platform's promise to align lending with on-farm financial cycles.
"Already, the ability to access lending via GrowPay has made a difference to how we run our farm. By aligning purchases to our cash flow, we can ease the financial stresses that come with growth and remain focused on what's next, which is exciting," said Mark Brown.
Rural digital gap
Ruth Riviere, Country Manager for New Zealand and Pacific Islands at Mastercard, pointed to research indicating New Zealand's rural areas lag behind urban centres in digital payments and financial services. The introduction of GrowPay is set to address these inequalities, supporting digital inclusion and greater efficiency in rural business.
"GrowPay offers an excellent opportunity to bridge the gap between our rural and urban centres. It's an example of the New Zealand-borne fintech innovations that are creating smarter, safer ways to pay and get paid," said Riviere.
Expanded services
GrowPay also allows farmers to market their produce before it leaves the farm and gives access to bulk purchasing from affiliated suppliers. The platform's structure aims to simplify payment processes, removing delays associated with traditional financial practices in agriculture.
Hyland emphasised the locally-focused nature of the project. "GrowPay has been built by New Zealand farmers, with New Zealand farming in mind. The opportunity to make our farms more efficient is incredibly exciting, not just for individual farms, but for whole communities and the wider economy," said Hyland.
