BY TOM JACKSON
South African fintech startups have been invited to apply for the latest edition of the AlphaCode Incubate programme, which aims to identify, partner and grow innovative financial services entrepreneurs.
AlphaCode is the Rand Merchant Investment Holding (RMI) incubation, acceleration and investment vehicle that identifies, partners and grows early-stage financial service ventures.
Its Incubate programme has disbursed ZAR30 million (US$1.8 million) in funding to 31 black-owned financial services businesses over the past five years, and is now offering another ZAR10 million (US$600,000) through its latest edition.
Successful applicants will receive funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space, and opportunities to apply for further early-stage investment.
After a rigorous selection process that will include a bootcamp for the 30 best applicants, 10 entrepreneurs will then be chosen to take part in a 12-week intensive pre-incubation programme valued at ZAR500,000 (US$30,000), including ZAR150,000 (US$9,000) in grant funding for each participant. This jump-start programme focuses on achieving a viable business, and culminates in a demo day where participants will compete for a place in a six-month step-up programme.
Five startups will be chosen to join this programme, which offers intensive incubation focused on achieving product-market fit, as well as financial viability. Each startup will receive grant funding of ZAR500,000 (US$30,000). Startups will be able to apply for seed capital from AlphaCode’s fund.
“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success. Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” said Andile Maseko, head of ecosystem development at AlphaCode.
Applications for the programme are open here until October 26.