AlphaCode sounds out black-owned startups

FinTech incubator AlphaCode is seeking black-owned FinTech startups and innovators with ideas that could change the face of financial services

Rand Merchant Investment Holdings-backed FinTech incubator AlphaCode is seeking black-owned FinTech startups and innovators with ideas that could change the face of financial services to apply to join its AlphaCode Incubate programme.

 

Based in Johannesburg, the organisation provides incubation, accelerations and investment vehicle for financial services businesses.

 

The Incubate programme seeks to identify and reward high potential, innovative entrepreneurs in order to boost the development of FinTech and financial services in South Africa. The first round of applications will close on 31 August.

 

Eight finalists will complete a customised 12-month programme, which is set to start on 1 November and will also benefit from a R2 million entrepreneurial package – R1 million in grant funding and R1 million worth of support including: mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal, and other business support services as well as access to Rand Merchant networks.

 

With the support of Royal Bafokeng and Bank of America Merrill Lynch SA, AlphaCode Incubate — has disbursed R13 million to 15 black-owned businesses.

 

AlphaCode head Dominique Collett said her organisation wants to help take “courageous” entrepreneurs take their disruptive business models to the next level.

 

“We are looking for businesses across the financial services spectrum including payments, insurance, savings and investments, advisory, data analytics and blockchain. We will consider early-stage ideas and businesses not older than two years which are 51% black-owned and managed,” added Collett.

 

Collett said AlphaCode identifies, partners and grows “next generation” financial services entrepreneurs.

 

“We take in high potential businesses that we can nurture to prepare them for the next phase of growth. Our aim is to transform them into tomorrow’s market leaders, leveraging our scale and access to capital to help them realise their true potential,” she said.