DURBAN - AlphaCode, Rand Merchant Investment Holdings incubation, acceleration and investment vehicle has awarded R23 million supplier development loans to three fintech startups.
The three startups are Zande Africa, Bright On Capital and Livestock Wealth.
Bright On Capital received a loan of R10 million while Zande Africa received R11 million and Livestock Wealth received a loan of R2 million.
Dominique Collett, head of AlphaCode said, "Businesses like these don’t always get the funding they require to grow from commercial funders but as part of our commitment to partner and grow financial services startups, we’ve leveraged our supplier development spending to support them".
These three black-owned businesses were reviewed by the AlphaCode investment committee. AlphaCode said that the businesses are addressing real needs in financial services and they believe in the growth potential of the startups.