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Alphacode, the Johannesburg-based Fintech accelerator, has inked a deal with the fintech giant Envestnet | Yodlee which will see the New York Stock Exchange-listed company provide startups with three months of production level access to Envestnet | Yodlee APIs, developer forums and support services.
The accelerator, which describes itself as a collaborative club for next generation financial services entrepreneurs, 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.
Among the services Envestnet | Yodlee will provide Alphacode with are its data aggregation and account verification services, as well as access to FastLink, to enhance the end-user experience. According to a press release sent to Ventureburn, AlphaCode entrepreneurs will also be able to leverage the offerings to create services providing more affordable background checks when applying for loans.
“The fintech landscape, combined with Africa’s entrepreneurial spirit, is driving innovation in Africa, with tools like M-Pesa becoming a part of everyday life,” said Jason O’Shaughnessy, SVP of International Markets and Managing Director, EMEA at Envestnet | Yodlee. “We are excited to support the development and evolution of financial services by providing access to our platform and solutions within AlphaCode. We believe that emerging entrepreneurs often shape the future of fintech, and partnering with AlphaCode provides them with access to our industry leading data aggregation platform. Our goals of supporting global financial innovation are aligned, and we’re proud to boost Africa’s financial technologies potential.”
According to the release, the partnership aims to improve the quality of financial tools available to the African startup economy working on creating powerful financial solutions. It’s also a recognition of how much potential there is in the African fintech space. In 2014, the continent’s mobile market generated US$656-million and is expected to double to US$1.3-billion in the next four years. Africa’s financial technology adoption rate for e-wallets is also three times faster compared to the United States.
“African fintech businesses have provided some of the most exciting developments in global financial services in recent history,” said Chipo Mushwana, Head of Ecosystem and Management at AlphaCode. “We feel privileged to be in a position to grow promising, impactful business models. Partnering with Envestnet | Yodlee is improving on the tools we can provide to entrepreneurs allowing us to build better and more innovative businesses.”