Brazilian rural credit fintech TerraMagna said on Wednesday it raised $40 million in a debt and equity funding round which included SoftBank Latin America Fund, to expand its regional presence and diversify its offering of financial products.

According to TerraMagna, it is the first time SoftBank is investing in a company with farming-related activities. Shift Capital and Milenio Capital also took part in the deal, as well as existing investors, said the company.

The lender stated its credit portfolio reached $120 million last year, more than 10-fold higher than in 2020.

TerraMagna, which offers loans in partnerships with distributors and industries that already have a long-term local relationship with small and medium-sized farmers, did not give details on its valuation.

It had raised $2.2 million in its previous funding round, led by ONEVC, MAYA Capital, Accion Venture Lab, The Yield Lab and Canary.

Original article from Reuters