Back in April, DelayPay got a mention in the Advertiser. Here’s what the article had to say:
A group of South Australian investors is backing the emergence of the buy now pay later financing model in Australia’s agricultural sector, as farmers look for new ways to fund their livestock, feed, machinery and other farming purchases.
Farm sector borrowers are often unable to generate the steady cash flows needed to satisfy the requirements of traditional lenders. this has fueled the growth of non-bank lenders including buy now, pay later firms which are looking to bridge the funding gap.
Established by Victorian farmers Dwain Duxson and Kelsey Miller in 2018, DelayPay was one of the first buy now pay later firms to target the agriculture sector providing capital of up to $500,000 for stock, machinery and feed. the capital must be repaid within six months.
The company has provided more than $23m in funding to Australian farmers over the past 12 months.
It is looking to more than double that figure to $50m following a recent crowdfunding campaign on the Swarmer platform. The Swarmer campaign raised $288,000 from a group of predominantly South Australian families. DelayPay’s Chief Financial Officer, Adelaide based Anton Phillips-Chantelois bought a small stake in the company, through his family office Bridgemill Ventures.
He said the company was looking to increase its share of the market which could be worth $3bn, based on the 30,000 small and medium size Australian farming businesses that found themselves under served by the major banks.
“DelayPay provided payment extensions to Aussie farmers who are often buying critical infrastructure, livestock or inputs such as fertiliser and feed,” he said. “Our funding ensures weight gain on animals, maximises harvest of crops or gives buyers quick access where there is opportunity at an auction. Traditional lending models clearly have their place. However, private markets offer a more dynamic approach to accessing capital and we want to ensure this segment grows in South Australia”.
Other specialist lenders in the growing non-bank market include buy now, pay later provider agPAY, which entered the market in 2021, and Agrifunder, which is headed up by Adelaide based Dale Champion.
Anton Phillips-Chantelois returned to Adelaide 18 months ago following eight years working in a number of corporate advisory roles in Sydney.
He established Bridgemill Ventures on his return, with a focus on investing in start-ups and emerging early stage companies.
It currently holds stakes in companies operating in industries ranging from energy to finance and agriculture, including online marketplace Farm Tender and Lot Fourteen-based iO Energy, which helps households and businsses pay less for green electricity.
Giuseppe Tauriello
The Advertiser