Data and AI in produce cross-border trade.

A conversation with Mario Gamboa, Co-founder & CTO of Blooms

At Blooms, we are convinced that using technology is the way to improve cross-border trade in fresh produce and amplify access to capital and FX solutions for LatAm growers and exporters. 

We sat down for a chat with Mario Gamboa, Chief Technology and Data Officer of Blooms about how to leverage data and AI to bring better solutions and create value for growers and the ecosystem. 

Blooms (B):  Hi Mario, tell us a little about yourself.

Mario (M):  I am a quantitative economist by trade with a passion for developing data-driven products and AI solutions.  I worked in the hedge fund industry and also founded a company specializing in predictive analytics. You could call me a data nerd.

B: How is data transforming the trade finance landscape for LatAm fresh produce growers?

M:   Data is revolutionizing trade finance by providing greater transparency and efficiency. For LatAm fresh produce growers, data enables us to better assess risks, and streamline financial processes. By leveraging historical data and real-time analytics, we can create more accurate credit profiles for growers, reducing the reliance on traditional credit scoring methods that often exclude small-scale farmers. This transformation allows for more inclusive financing, helping growers access the capital they need to expand their operations.

B:  What role does AI play in improving access to finance for small-scale producers in the region?

M:  AI is a game-changer for small-scale producers. By analyzing vast amounts of data, AI can identify patterns and predict outcomes that human analysis might miss. For instance, AI algorithms can assess the likelihood of crop success based on weather patterns, soil conditions, and market trends. This predictive capability allows us to offer tailored financial products with reduced risk. AI also helps automate the underwriting process, making it faster and more accessible for producers who traditionally faced hurdles in obtaining finance.

B: How do you address the challenges of data quality and availability in LatAm’s agricultural sector?

M:  Data quality and availability are indeed significant challenges, particularly in regions where digital infrastructure is still developing. We tackle this by working closely with local partners to gather on-the-ground data and by integrating, IoT devices, and mobile technology into our data collection processes. Additionally, we invest in data cleansing and validation techniques to ensure that the information we use is accurate and reliable. Our goal is to build a comprehensive data ecosystem that supports informed decision-making.

B: Can you give an example of how data and AI have directly benefited a grower or a group of growers?

M:  Absolutely. One example is a tomato grower in Mexico that we worked with. By using AI to assess their creditworthiness based on improved yields, timely delivery and other data points, the grower secured lower interest rates on a transaction.

B: What are the future trends in data and AI that you believe will further impact trade finance for LatAm fresh produce growers?

M:  Looking ahead, I believe the integration of blockchain technology with AI and data analytics will be a major trend. Blockchain can provide a transparent and immutable record of transactions, which, when combined with AI, can enhance trust and reduce fraud in trade finance. As these technologies evolve, they will further democratize access to trade finance, making it more accessible and efficient for growers across LatAm.

B: Thank you very Mario for taking the time from your busy schedule to talk about how Blooms leveraging technology to empower produce growers in the region. 

M:  On the contrary, thanks for the conversation.