AlphaCode, the South Africa-based incubator, accelerator and investment vehicle, is calling out to relevant startups to apply to its Incubate program.
The AlphaCode Incubate program seeks to identify and reward high potential, innovative entrepreneurs operating within the fintech and financial services space. The incubator focuses on early-stage financial services and is powered by the Rand Merchant Investment Holdings (RMI).
The program will rope in the best 16 businesses or ideas from the pool of applicants. The 16 will pitch before a panel of judges, and the best eight selected to proceed to the next stage of the competition. The eight will be taken through a tailored 12-month program and benefit from an entrepreneurial package worth $150,000 each.
The entrepreneurial package will be $75,000 in grant funding and $75,000 in support that will include mentorship, exclusive office space in Sandton, monthly expert-led sessions, marketing, legal, and other business support services.
“We are raising the level and the rewards this year. We want to help take courageous entrepreneurs with seriously disruptive financial services business models to the next level,” said Dominique Collett, the head of AlphaCode.
AlphaCode, through a partnership with the Bank of America Merrill Lynch South Africa and the Royal Bafokeng Holdings, has disbursed about $990,000 to 15 businesses owned by black in the last three years.
Businesses from across the financial services spectrum are invited to apply to the AlphaCode Incubate program. Be it in payments, savings and investments, insurance, blockchain, advisory, and data analytics. Businesses with early-stage ideas and those not older than two years with at least 51% black ownership and management stand a better chance to qualify.
“AlphaCode identifies, partners and grows next-generation financial services entrepreneurs. We take in high potential businesses that we can nurture to prepare them for the next phase of growth. Our aim is to transform them into tomorrow’s market leaders, leveraging our scale and access to capital to help them realize their true potential,” added Collett.
The application window closes on August 31st, and the incubation program kicks off November 1st.