The Farm Debt Mediation Bill will go far in helping farmers deal with farm debt, claims Agriculture Minister Damien O’Connor.
Figured is an online accounting tool that makes it easier for farmers to work with their accountants, farm consultants, and rural bankers.
BNZ head of agribusiness John Janssen described the investment as another way BNZ is partnering with its agribusiness customers through a challenging time of on-going price and climate volatility.
"It's a tough time in the cycle for our farmers. Keeping an eye on costs, budgeting conservatively and working with their bank and accountant is as important as ever," says Janssen.
"We've got world-class farmers – but being a great farmer doesn't mean you're an accountant. Figured gives those in the agricultural sector another tool to plan ahead and forecast as conditions change."
Figured chief executive Paul Reid welcomed BNZ as both an investor and customer, and said it was both a strong endorsement of, and outcome for, Figured.
"BNZ's investment will mean more New Zealand farmers can access a flexible tool that allows them to take greater control of their financial management. Figured will be able to learn from BNZ and continue to develop a product that meets the needs of farmers," says Reid..
The investment will help to increase Figured's rapidly growing customer base, while supporting the company's expansion throughout New Zealand and Australia.
As part of the partnership BNZ will distribute Figured software licences to its agribusiness customers free of charge later this year, for two years.