Bushel, a leading provider of digital solutions for the agriculture industry, announced Tuesday an expansion of its platform to include enhanced financial tools for farmers and agribusinesses.
The updated Bushel Farm experience, set to launch this spring, will feature a digital wallet and business accounts offered through The Bancorp Bank, N.A., Member FDIC. These accounts will offer competitive interest rates, currently at 3.43% as of Feb. 26, 2025, with FDIC insurance up to $5 million through sweep program banks.
Jake Joraanstad, CEO of Bushel, emphasized the significance of the new features, stating, "When a farmer can immediately begin earning interest on their grain settlement, that's meaningful to the bottom line."
Key additions to the platform include:
- Interest-bearing business accounts
- Send and request payment capabilities
- Access and repayment of lines of credit
- Planned features for 2025 such as high-limit mobile check deposits and online bill pay
The expansion aims to address security concerns related to paper checks, as the U.S. Treasury Department recently reported a 385% increase in check fraud since the COVID-19 pandemic.
For agribusinesses, the updated platform offers opportunities to generate returns on operational float while maintaining liquidity for daily operations.
