Sourcefin provides finances to SMMEs with purchase orders from governments and blue
chip companies. They extend finance of $20 000 up to $3 million.
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.
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.
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.