In a bid to bolster the growth of South African small and medium-sized enterprises (SMEs), FundMyPo has unveiled a range of funding services that promise to streamline access to capital and fuel business expansion.
Launched on March 20, the innovative offerings aim to dismantle the barriers that often prevent SMEs — the lifeblood of the local economy — from securing crucial financing.
According to Tshepiso Mathaphuna, CEO of FundMyPo, the platform is designed to help SMEs leverage their invoices and purchase orders to access funding swiftly, enhancing liquidity and driving sustainability.
“With the South African SME sector contributing significantly to the country’s economic growth, FundMyPo recognises the critical role of access to capital in unlocking their potential,” he stated.
Many SMEs grapple with traditional financing obstacles, including limited access to credit and protracted approval timelines.
Mathaphuna emphasises the necessity of providing a rapid and flexible alternative for businesses in dire need of financial assistance.
FundMyPo's innovative programme allows SMEs to convert their unpaid invoices into immediate working capital.
By unlocking cash tied up in receivables, businesses can sustain operations, meet urgent financial obligations, and seize growth opportunities, enhancing their overall operational capacity.
“This will assist companies to maintain operations and meet urgent financial obligations,” Mathaphuna added.
The company also introduces purchase order financing, which empowers SMEs to fulfil larger orders by financing the acquisition of raw materials and other production costs, ensuring both timely delivery and improved customer satisfaction.
“Our solutions provide the necessary funds for SMEs to grow,” he explained.
In addition to these targeted services, FundMyPo offers general working capital support, allowing SMEs to manage their daily operational expenses effectively.
By leveraging a robust database of investors, the platform matches businesses with tailored funding solutions, providing both flexible terms and competitive rates.
With increasing optimism, the company believes that its comprehensive funding solutions will enable SMEs to overcome the challenges associated with securing finance, allowing them to focus on core operations and growth objectives.
“Our goal is to empower SMEs with the financial tools they need to drive growth, scale, and contribute even more significantly to the economy,” Mathaphuna concluded.
Founded with the mission to support small and medium enterprises, FundMyPo stands at the forefront of providing innovative funding solutions that could transform the landscape for SMEs across South Africa.
The Star