AlphaCode to invest R16m in aspiring SA fintech entrepreneurs
AlphaCode, an incubation, acceleration and investment vehicle for early-stage financial services businesses powered by Rand Merchant Investment (RMI), is looking for businesses or ideas that could change the face of financial services.
It is inviting applications for its AlphaCode Incubate programme that seeks to identify and reward high potential, innovative entrepreneurs to boost the development of fintech and financial services in SA.
Sixteen businesses will be invited to pitch for eight places on the AlphaCode Incubate programme. The final eight businesses will complete a customised 12-month programme and will benefit from an entrepreneurial package worth R2 million each.
The package consists of R1 million in grant funding, 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 RMI’s networks.
In partnership with Bank of America, Merrill Lynch SA and Royal Bafokeng Holdings, AlphaCode Incubate has disbursed R13 million to 15 black-owned businesses over the last three years.
Source: IT Web
