Andile Maseko, head of ecosystem development at AlphaCode.
Ten South African start-ups have been shortlisted for the AlphaCode Incubate programme, a development programme that provides funding, guidance from performance coaches and a panel of advisory experts.
AlphaCode is an incubation, acceleration and investment vehicle for early-stage financial services businesses, powered by Rand Merchant Investment.
The AlphaCode Incubate programme aims to grow innovative fintech start-ups by providing funding, coaching, access to co-working space and opportunities for participants to apply for further early-stage investment.
Nearly 200 fintech businesses had applied for the intensive 12-week programme, which offers an entrepreneurial package of almost R1 500 000 for each start-up.
The next phase of the programme is the jump-start programme, which focuses on achieving a viable business. It culminates in a demo day, where participants will compete for a place in a six-month Step-up programme.
Step-up also offers each start-up grant funding of up to R500 000, and a six-month incubation focused on achieving both product-market fit and financial viability.
In addition, start-ups will be able to apply for seed capital from AlphaCode.
“We’re delighted by the quality and diversity of the applications for our programme, we’ve seen a good mix of gender, age and race,” Andile Maseko, head of ecosystem development at AlphaCode explains.
“We have selected a diverse cohort and we look forward to supporting these pioneering businesses so that they can make a meaningful impact in the financial services industry.”
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