AlphaCode awards R16m to eight SA fintech startups

The winners of the AlphaCode incubator programme. Photo: Supplied

The winners of the AlphaCode incubator programme. Photo: Supplied

Published Oct 20, 2018

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DURBAN - Rand Merchant Investment Holding (RMI), through their fintech division AlphaCode has awarded entrepreneurial packages valued at R16 million to eight of South Africa’s most promising financial services startups. 

The entrepreneurial packages comprise of R1 million in grant funding and R1 million in support. The support includes mentorship, monthly expert-led sessions, exclusive office space in Sandton as well as marketing, legal and other business support services. The winning fintech entrepreneurs will also have access to the broader RMI network.

The AlphaCode Incubate initiative which is in partnership with Merrill Lynch South Africa and Royal Bafokeng Holdings, selects South African financial services entrepreneurs with extraordinary ideas and businesses that could have an impact on the financial services industry. 

Over 200 startups applied to participate in the AlphaCode programme. Of these, sixteen made it to final pitch evening and from there eight recipients were selected.

The programme has disbursed R13 million in funding to 15 black-owned financial services businesses since it began three years ago.

Dominique Collett head of AlphaCode and a RMI senior investments executive said, "Some have experienced exponential growth and we have been amazed at the level of traction they have received locally and internationally". 

Collett added they want to identify, partner and grow the future of financial services in South Africa. 

Julie Benadie, regional executive of Operations and Corporate Affairs at Merrill Lynch explained: “We believe in supporting disruptive ideas so that creative fintech solutions will emerge to address the challenges that South Africa faces. We want South Africa to become a fintech centre of excellence with its already advanced financial services infrastructure.

The AlphaCode Incubate programme deals with everyday challenges that financial services startups face. All participants are in the early stages of their businesses. The businesses are under two years old and at least 51% owned by black South Africans.

Here is a look at the eight startup winners:

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Name

Description

Founders

Akiba Digital

A gamified mobile app making

it easier and more rewarding

to set, manage and meet savings

goals.

Tebogo Mokwena and

Kamogelo Kekana

ISpani Group

Provides access for insurers into

traditionally under insured communities

through prepaid vouchers and

USSD sold by a network of

spaza shop vendors

Prince Nwadeyi,

Khathazile Moroe,

Patrick Machekera

and Louis Buys

Jamii

De-risks tenant rent default through

offering tenants incentive-based discounts

on food and transport and bolt-on

retrenchment cover.

Adrian Taylor,

Marc Maasdorp and

Bartek Dutkowski

Nisa Finance

An invoice financing platform that enables

financiers to issue invoice-backed loans to

SMEs quickly and affordably by fully-automating

the application and invoice verification

through ERP system integration

Thando Hlongwane,

Tekane Ledimo and

Sinqobile Mashalaba

Pago

A low cost mobile micro payments

platform for the informal sector to enable

an inclusive economy by digitising

remittances through the use of blockchain

technology.

Philip Mngadi and

Noel Lynch

Propsa

A mobile savings wallet for low-income

earning South Africans that makes it

easy to save small amounts infrequently

using prepaid vouchers.

Dhanyal Davidson and

Carl Ngwenya

SELFsure

Enables millennials to significantly reduce

car insurance premiums by self-insuring

part of the risk via peer to peer lending.

Proud Chitumba,

Amos Mugova and

Tshepiso Shamane

Yalu

A self-service credit life insurance

platform which replaces a customer’s

current policy with a more affordable,

simpler and rewarding policy

Nkazi Sokhulu,

Tlalane Ntuli,

Steve Goeieman and

Life Mhlanga

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