Tarfin, the regional leader in the field of financing in agriculture (agri-fintech) announces its entry into the Romanian market. The startup of Turkish origin comes to the aid of Romanian farmers and distributors of agricultural inputs, combining traditional distribution channels with technology and financial resources. The company aims to reduce agricultural production costs by providing fast, cost-effective, and transparent financing solutions through partner distributors.
Agriculture is one of the most important economic sectors in Romania. The data of the European Institute of Statistics show that in 2018 Romania took the third place in Europe in the production of cereals, with a total of 31.89 million tons. According to the Ministry of Agriculture and Rural Development (MADR), in the first half of 2021, the Romanian farmers harvested a record number of straw cereals, over 15 million tons. However, the European energy crisis has led to an increase in fertilizer prices, jeopardizing farmers’ production economies and, consequently, the supply of final consumers.
Tarfin’s mission is to support agricultural production with the help of technology. The company develops partnerships with regional distributors of agricultural inputs and uses advanced methods of risk management so that farmers can more easily and quickly purchase the necessary inputs, with the payment terms they need. Tarfin aims to cover nationwide and accelerate digitization in the agricultural sector.
«We believe in the power of technology and the added value it can bring to farmers and distributors alike. We have chosen to expand in Romania because we are aware of the potential of the local industry and its capacity for development. We intend to help small family farms to provide easier access to input financing» – says Mehmet Memecan, Founder and CEO of Tarfin.
Using its models of agricultural risk assessment, based on machine learning algorithms, Tarfin plans to facilitate the access of the Romanian farmers to all necessary agricultural inputs, at competitive prices, as well as the chance to pay at harvest. Currently, the startup provides services to distributors and focuses on concluding local partnerships to facilitate the relationship between distributors and farmers. Thus, distributors can more easily maximize their income, and farmers can purchase their inputs on time, without financial constraints.
«Farmers have a crucial role to play in our well-being. For this reason, since its inception, we have focused our efforts on supporting agricultural operations and streamlining these processes. At the moment, we are in the process of being authorized by the National Bank of Romania to be able to extend our services to finance both farmers and distributors of agricultural inputs» – says Adina China-Birta, General Manager of Tarfin IFN Romania.
Tarfin was established in 2017 in Turkey to help small and medium farmers buy agricultural inputs such as fertilizers, seeds, fodder, plant protection products, agricultural machinery and equipment, construction materials, greenhouses, solariums, and irrigation. Tarfin is currently working with more than 1.000 distributors and has financed USD 110 million in agricultural inputs for 40.000 farmers.
«We are pleased to have raised more than USD 14 million in the capital, bringing in strong shareholders from the agricultural and fintech ecosystem, such as Syngenta Group Ventures, Yara Growth Ventures, and Elevator Ventures – Raiffeisen Bank International. With their support, we managed to expand on the Romanian market, as the first step in our efforts to expand internationally» – adds Mehmet Memecan.
About Tarfin Tarım A.Ş.
Tarfin is a company founded in 2017 in Turkey by Mehmet Memecan. With the support of shareholders Syngenta, Yara Growth Ventures, Quona Capital, Collective Spark Fund, and Elevator Ventures – international shareholders of Raiffeisen Bank, the agri-fintech startup has expanded its operations since 2022 and in the Romanian market. Tarfin aims to facilitate farmers’ access to finance, in a fast and convenient way, with the help of technology and a wide network of distributors.
The startup was awarded in 2021 by the Digital Money and Fintech Awards 2021 for «The Fastest Growing Fintech of the Year» and won first place in the EFSE Financial Technology Competition in 2016.
Source: The article by prwave.ro dated April 07, 2022