A total of eight fintech startups have won a cumulative sum of USD 1.1 Mn in funding, as well as business support from AlphaCode.
SELFsure, Akiba Digital, the ISpani Group, Nisa Finance, Jamii, Yalu, Prospa, and Pago, are amongst the eight selected startups that are now entitled to the cash reward, alongside other perks. The eight startups were selected as winners of the AlphaCode Incubate initiative after a pitching competition which took place last night in South Africa.
For their success in the competition, each of the startups will now benefit from a package that is comprised of USD 69 K in grant funding and another USD 69 K in support. The latter also comes with such incentives as exclusive office space in Sandton, SA, mentorship, monthly expert-led sessions, marketing, legal and other forms of business support). AlphaCode is the fintech incubator of Rand Merchant Investment Holdings (RMI), and the eight winning startups will also be afforded access to the broader RMI network.
In partnership with Merrill Lynch South Africa and Royal Bafokeng Holdings, the AlphaCode Incubate initiative is focused on discovering fintech enterprises that have the potential to disrupt the financial services space. The program is believed to have doled out up to USD 905 K in funding to 15 black-owned businesses in the fintech sphere since coming into existence in 2015.
The latest edition of the AlphaCode Incubate initiative is said to have drawn applications from over 200 fintech startups, from which 16 teams were shortlisted to compete in last night’s final pitching event after series of vetting and scrutiny.
Dominique Collett, AlphaCode Head, and Senior Investments Executive at RMI reiterated that the program has been instrumental to the “exponential growth” witnessed by the participating startups, as the initiative has been supportive. She also expressed her delight with the amount of local and international traction the startups have gained since the program took them under its wings.
Collett added; “The intention behind AlphaCode’s ‘Explore, Incubate, and Accelerate’ program is for RMI to discover the next OUTsurance or Discovery; we want to identify, partner, and grow the future of financial services in South Africa.”
The final pitching event afforded each of the competing startups three minutes to pitch their respective businesses and woo the jury. The panel of judges also took a couple of minutes to quiz the startups as per their offerings. Such notable personalities as Phuti Mahanyele; CEO of Sigma Capital, Raymond Ndlovu; Remgro Investment Executive, Nakedi Ramaphakela of Royal Bafokeng Holdings, Anthony Knox of Merrill Lynch South Africa, as well as Collett herself, sat on the jury of the competition.
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