Startup Fortune, May 13, 2020
Plenty of companies make bold claims about how they plan to change the world. But, there are some companies that put their money where their mouth is.
One of those companies is iFinca.
iFinca is a new platform that creates transparency in the way coffee is traded throughout global markets.
iFinca CEO, Alexander Barrett, explains, “The iFinca mobile application links farmers for the first time as equal participants and stakeholders in the coffee supply chain. In turn, this integration provides the last missing piece of data that roasters, cafes and consumers have been demanding…the ‘farmgate price’.”
How Farmers Have Been Cheated In The Past
The coffee industry’s roots in slavery and colonialism have led to inequality in the coffee supply chain. The reality is that a significant number of coffee producers around the world are still being exploited and underpaid.
The prices consumers pay for coffee has increased over the years, but it’s an entirely different story for producers. The prices they receive have stagnated, and at times, even dropped, in spite of consumer demand. But iFinca seeks to change that.
Keeping information away from farmers has been part of the strategy of those seeking to profit off of the backs of underpaid workers, and iFinca creates a more level playing field for all people involved.
Visibility From Start To Finish
The iFinca app bridges the information gap between producers and consumers, by sharing producers’ stories and providing real data about how much they were paid, so consumers can make more informed choices about their coffee purchases.
“Without independently verified ‘price paid to farmers’ and the data protected by a blockchain digital ledger, it’s not possible to have a transparent or ethical coffee purchase,” explains Barrett.
The iFinca app is available on Google Play and the App Store. Socially conscious coffee drinkers can also find iFinca-verified coffee at participating cafes and roasters by looking for the Meet the Farmer QR code.