A revolution in farming is underway thanks to a groundbreaking partnership between agritech leader Halter and farm financial management heavyweight Figured. In an interview with REX's Hamish McKay, Sarah Dobson, Strategic Partnerships Manager at Figured, and Craig Piggett, founder and CEO of Halter, shed light on the innovations this collaboration is bringing to the farming industry.
Halter and Figured have joined forces to offer farmers unprecedented financial flexibility, essential in today's challenging market conditions. The partnership combines Halter's sophisticated virtual fencing and animal guidance technology with Figured's cutting-edge financial management software, used by over 30,000 farming teams globally.
Dobson explained how Figured's creation was driven by two accountants who were also farmers. They recognized a gap in the market for tools to help farmers manage their financial affairs more efficiently. Figured's cloud-based technology combines live financial information with production data, giving farmers a real-time overview of their farm's performance. This holistic view helps them make more informed decisions, boosting profitability and sustainability.
Figured has recently launched two new lending offers in partnership with Heartland Bank. These initiatives are designed to provide farmers with easy access to funding for new assets or planned on-farm projects. Dobson sees these financial options as key to supporting cash-strapped farmers who aspire to make small yet impactful improvements to bolster their farms' resilience and sustainability.
Halter, on the other hand, is all about revolutionizing traditional farming practices through technology. Founder and CEO Craig Piggett spoke about the company's innovative virtual fencing technology, which allows farmers to allocate the exact amount of pasture they want to allocate, regardless of the size of the paddock. This precise allocation helps farmers grow and harvest more grass, leading to increased productivity and efficiency.
However, Piggett acknowledged that while the technology brings huge benefits, it does require investment and time from farmers. That's where Figured steps in, offering the financial leverage farmers need to embrace such innovative technology and make long-term investments.
The future looks bright for both Figured and Halter. Dobson revealed Figured's ambition to support more farmers in their financial management and to streamline lending processes further. The company also plans to move into more of the secured lending space. Meanwhile, Halter, which has grown from 20 people to 180 and raised an $80 million round of capital, is continuously investing in new products and technologies to meet farmers' evolving needs.
This revolutionary partnership between Figured and Halter is a testament to the power of collaboration and innovation. By merging agritech and financial management, they are providing farmers with the tools they need to thrive in today's challenging market conditions. The future of farming looks promising, with such innovative solutions helping farmers to manage their financial affairs more efficiently, embrace new technology, and ultimately, boost their profitability and sustainability.