Rand Merchant Insurance opens Jozi-based Fintech hub

South African financial services company Rand Merchant Insurance (RMI) on Tuesday announced the launch of AlphaCode, a new fintech hub operating out of Sandton, Johannesburg.

Described as a collaborative club for next generation financial services entrepreneurs, the hub is meant to provide a platform for members to engage and work alongside experienced entrepreneurs, technology investors and industry experts, resulting in accelerated growth and access to market.

As well as an office space, AlphaCode features a clubhouse for entrepreneurs, an active online community and regular networking opportunities.

According to a press release sent to Ventureburn, the concept is modelled on the leading fintech development hub, Level 39 in London’s Canary Wharf, which has become a successful catalyst for emerging fintech players.

AlphaCode is powered by Rand Merchant Insurance Holdings (RMI) and Rand Merchant Bank Holdings (RMBH), which are strategic active managers of a R759 billion financial services portfolio, which includes FirstRand, Discovery, OUTsurance, MMI Holdings, Merchant Capital and RMB Structured Insurance. RMIH and RMBH are active, value-adding partners and enablers of innovation and leadership in financial services.

RMI says that more than 50 fintech entrepreneurs have already signed up for AlphaCode.

“RMIH’s investment in this development gives a clear indication of the future direction of financial services,” said RMI Senior Investment Executive Dominique Collett. “The fintech business models of the future are agile, disruptive ventures, often started by emerging entrepreneurs. With this in mind, AlphaCode provides a vehicle to identify strategic key investments in the financial services industry and be a catalyst for the development of fintech in Africa.”

According to head of ecosystem development and management at AlphaCode Chipo Mushwana, “African fintech businesses have provided some of the most exciting developments in global financial services in recent history, and we will help to grow promising, impactful businesses.”

There is no charge to belong to AlphaCode. It is fully funded by Rand Merchant Insurance Holdings (RMI).

There are four membership tiers which range from green entry level membership up to platinum. Green membership is open to everyone and approval is immediate. Gold, platinum and diamond memberships are subject to AlphaCode team approval.