Bushel has been named "AgTech Finance Platform of the Year" at the AgTech Breakthrough Awards, an annual event recognizing innovation in agricultural and food technologies. This award highlights Bushel's significant contributions to modernizing agricultural finance through digital solutions.
Traditionally dominated by paper checks, agricultural finance has been slow to adopt modern payment methods. According to Bushel's 2024 State of the Farm Report, paper checks have seen a 17% decrease in use for crop inputs over the past year, although they still account for 65% of all business transactions. The report and industry trends suggest a shift towards more secure and efficient digital payment methods like digital wallets.
Bushel has been at the forefront of this shift with its Bushel Wallet™, facilitating quicker and more transparent transactions. Farmers can receive same-day payments for grains, and agribusinesses benefit from immediate financial processing for retail purchases. The platform also simplifies access to credit lines, enhancing purchasing power for farmers with transparent loan terms and easy repayment options.
Key to Bushel's success are strategic partnerships that integrate its technology across the agricultural finance ecosystem. A notable collaboration is with Compeer Financial, a top cooperative within the Farm Credit System, which leverages Bushel's digital infrastructure for seamless and efficient lending services.
Jake Joraanstad, CEO of Bushel, stated, "Our focus has been on creating more opportunities for simpler money movement transactions through technology development and partnerships. This award from AgTech Breakthrough affirms our mission to enhance connectivity and streamline operations in the agriculture industry."
The AgTech Breakthrough Awards program evaluates a wide range of agricultural and food technology sectors, attracting thousands of entries globally. Bryan Vaughn, Managing Director of AgTech Breakthrough, praised Bushel’s contributions: "Bushel is creating a more connected and efficient financial ecosystem in agriculture. Their digital tools are transforming the way lending and purchasing processes are conducted, ensuring secure and seamless financial transactions that benefit everyone in the agribusiness chain."
