Sourcefin Raises $8.2 Million to Boost South African SMME Financing

Joshua Kadish, Sourcefin CEO & Co-founder

South African fintech Sourcefin has raised $8.2 million from Futuregrowth Asset Management through the High Growth Developmental Equity Fund (HGDEF). The funding aims to expand Sourcefin's efforts to provide alternative financing for small and medium-sized enterprises (SMMEs).

Founded in 2020, Sourcefin specializes in bridging funding gaps for SMMEs, particularly in fulfilling public and private sector purchase orders. Its innovative approach combines technology with procurement and project management expertise, positioning it as a leader in tender fulfillment solutions.

The $8.2 million investment will enable Sourcefin to significantly scale its impact within South Africa's SMME sector. CEO Joshua Kadish emphasized the sector’s critical role in economic growth, stating that the R150 million would be fully reinvested into supporting SMMEs.

Futuregrowth’s Amrish Narrandes highlighted Sourcefin’s transformative approach and strong financial performance, describing the investment as strategically aligned with the fund's mission of fostering high-growth businesses in South Africa.

Futuregrowth’s HGDEF has a history of supporting innovative ventures, including hearX, Yoco, Pineapple, Retail Capital, Ozow, and Cash Connect.

Source: Empower Africa