Nexora Capital — Market Sizing, TAM, SAM, SOM
The TAM, SAM and SOM market sizing for Nexora's SME digital-banking and funding platform.
Section 6 · Business Plan
Market Sizing, TAM, SAM, SOM
The TAM, SAM and SOM market sizing for Nexora’s SME digital-banking and funding platform.
The market is sized top-down from the national financing gap and
cross-checked bottom-up from customer economics. All three layers are
stated in loan-book terms for comparability with the Company’s
projections.
| Layer | Size | Definition & basis |
|---|---|---|
| TAM | ≈R500bn | Total SA SME financing gap: unmet, in-principle-bankable credit demand across all formal and informal SMEs (IFC-consistent estimate). |
| SAM | ≈R120bn | Digitally addressable share: formal SMEs with bank accounts, digital payment footprints or cloud accounting, the segment underwritable by data-driven engines today. |
| SOM | R5.5bn | Nexora FY2031 gross book, ≈4.6% of SAM and ≈1.1% of TAM; comparable to the share achieved by the leading incumbent digital lender after a decade. |
The bottom-up cross-check corroborates the top-down view: 350,000
customers at a blended average outstanding balance of approximately
R15,700 per customer yields the R5.5bn book. Average balances of this
order are conservative against competitor’s disclosed maximum facility
size of R5 million and reflect a deliberate portfolio skew toward
small-ticket, high-velocity working-capital exposure, which diversifies
single-name risk and supports warehouse eligibility criteria.
conservative on balance
Reaching 350,000 funded and banked SMEs by FY2031 would make Nexora
one of the largest SME platforms in Africa by count, a
customer-acquisition challenge addressed in the go-to-market section
with explicit CAC assumptions. Conversely, the implied average balance
per customer (≈R15,700) is modest, meaning book growth does not depend
on aggressive single-name credit extension. The plan is exposed to
acquisition-volume risk more than credit-concentration risk.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Nexora Capital (Pty) Ltd.