Sourcefin provides finances to SMMEs with purchase orders from governments and blue

chip companies. They extend finance of $20 000 up to $3 million.

The Problem

Sourcefin has been filling a much needed gap in the market. Entrepreneurs who have little

collateral and little credit history are rarely able to get finance from traditional financiers

such as banks. As a result, Sourcefin has been experiencing exponential growth and its

highly trained staff is unable to handle the number of finance applications presented to it.

While this may seem like an excellent problem to have, the ramifications for the company

were severe as customer satisfaction decreased and Sourcefin was forced to turn down

potential business due to capacity constraints.

Our Solution

Elucidate AI assessed the Sourcefin process from end-to-end, identifying inefficiencies

within procedures followed and searching for the most time consuming operations as

candidates for automation. Within 5 weeks, Elucidate was able to re-engineer over 8

individual processes and automate a significant part of the work-flow. Since then, Elucidate

has refined its decisioning engine to minimize errors and reduce bad debt as well as

automate and streamline a variety of operations.

The Results

Sourcefin is able to process three times as many applications using the more streamlined

procedures. Furthermore, they enjoy real-time reporting and alerts personalised to each user

– from administrators to the board of directors – in order to facilitate data driven decisions

across the enterprise. The technology implemented has translated into a higher valuation for

the company, promoting further growth and allowed it to re-brand from a financial company

to a highly sophisticated fintech.

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