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South African FinTech Bridgement has secured $20.3 million (R330 million) in funding from Rand Merchant Bank and Standard Bank, providing a significant boost to its efforts to expand AI-powered lending to small and medium-sized enterprises (SMEs).
The funding will enable the company to increase its lending capacity, helping thousands more South African businesses gain faster access to working capital while accelerating its long-term mission of making business finance more accessible.
As reported by Launch Base Africa, the $20.3 million funding reflects growing confidence among South Africa’s major financial institutions in technology-driven lending platforms that address the country’s sizeable SME financing gap. The publication noted that the funding is expected to significantly expand Bridgement’s loan book and support continued growth in its lending operations.
“Excited to finally share the news! Bridgement has secured R330 million ($20.3 million) in funding from RMB and Standard Bank,” Daniel Goldberg, co-founder of Bridgement, said on LinkedIn. He added that the capital would directly strengthen the company’s ability to serve more businesses.
Founded in 2016 by Goldberg, Bridgement draws on live financial data from bank accounts and accounting software such as Xero and Sage to build a real-time picture of a business’s performance, analysing thousands of financial and operational data points to generate credit decisions, often within 24 hours for approved businesses, without requiring the same level of asset backing traditional lenders demand.
The company says its unsecured business loans are designed to help SMEs manage cash flow, purchase inventory, invest in equipment or capitalise on growth opportunities.
According to Business Report, Bridgement has now originated more than $121.82 million (R2 billion) in financing for South African SMEs, underscoring the scale it has achieved since launch. The publication also highlighted that the country faces an SME funding gap estimated at more than $23.33 billion (R386 billion), creating a significant opportunity for alternative lenders that can deliver faster, data-driven credit decisions.
It further notes that the latest funding will also support Bridgement’s broader ambitions beyond direct lending. The company plans to further develop its AI-powered credit technology and eventually license its lending infrastructure to banks and other financial institutions, enabling more organisations to offer faster and more efficient SME financing.
“SMEs don’t need more paperwork — they need faster access to capital,” said Goldberg. “By using AI to analyse live financial data instead of relying solely on traditional lending processes, we’re helping more businesses access the funding they need to grow.”
With fresh funding in place, Bridgement is positioning itself to reach thousands more South African entrepreneurs while advancing its long-term goal of transforming how SMEs access finance. As the company continues to scale its AI-powered lending platform, the latest backing provides the financial firepower needed to broaden access to credit and support business growth across South Africa.
