DURBAN - Whether you are currently working in a corporate or perhaps you’re already a fintech or financial services entrepreneur, AlphaCode Incubate could be the big break you’ve been waiting for.
This year-long startup support initiative of Rand Merchant Investment Holdings (RMI), Bank of America Merrill Lynch and Royal Bafokeng Holdings seeks top applications that could disrupt the financial services sector and grow rapidly locally or internationally to create the next OUTsurance or Discovery.
The rewards are significant for the final eight businesses selected: a package valued at R2 million each including R1m in grant funding and R1 million in support services. This includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal and other business support services as well as access to like-minded entrepreneurs, RMI’s extensive network of thought leaders, potential clients and capital.
The programme is for highly motivated South African entrepreneurs and those with potential for entrepreneurship, who want to change the face of financial services. Each business needs to be at least 51% black-owned and operating in the financial services space.
AlphaCode looks for strong entrepreneurial teams of two or more people with tech or financial services understanding and a business idea or model that they’ve validated a business case for, at least through some potential customer engagements. AlphaCode will also consider whether it can invest in this business over the longer term.