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.