The Brazilian subsidiary of Telefónica has explained that Agrolend provides financing to small and medium-sized agricultural producers in the South American giant.

Telefónica Brasil, through its Vivo Ventures fund, which operates jointly with Telefónica Open Innovation, has acquired a minority stake valued at US$ 1.55 million in AGL Holding, the company that owns the agricultural fintech Agrolend.

The Brazilian subsidiary of Telefónica has explained that Agrolend provides financing to small and medium-sized agricultural producers in Brazil so that, among other things, they can acquire equipment and technology with which to improve their productivity and profitability.

"The fintech mobilizes millions of reais (the Brazilian currency) in loans to farmers every year and has the potential to boost the company's offering of connectivity products and solutions to improve field management (compared to Telefónica)," the operator's statement added.

This is the sixth investment made by Vivo Ventures since its creation in April 2022 and the company aims to strengthen its presence as a digital services provider thanks to this operation.