AlphaCode extends application deadline for incubator initiative for black startups to 24 June

AlphaCode has extended the deadline for Alphacode Incubate — an incubation programme aimed at black fintech startups — to next Monday (24 June).

The initial deadline was Tuesday (18 June).

The incubator will offer at least eight fintech startups that qualify for its programme with a R2-million package which consists of grant funding and support services.

AlphaCode is a Rand Merchant Investment Holdings (RMI) acceleration and investment programme.

Each of the fintech startups selected for AlphaCode Incubate will receive R2-million in funding and support services

In a statement last week, AlphaCode said each of the eight startups selected for the year-long incubation programme will receive:

• R1-million in grant funding
• A customised financial services programme, valued at R500 000, with access to experienced mentors
• R250 000 worth of comprehensive business support services
• R250 000 worth of office space at AlphaCode’s exclusive Sandton co-working space

In addition to the funding and support services, programme participants stand to benefit from access to a community of experts, potential clients and like-minded entrepreneurs.

To be considered for the programme, applicant businesses should be at least 51% black-owned and managed, with an early-stage idea or business that is not older than two years old.

In addition, prospective applicants should have a business or idea focusing on insurtech, data analytics, lending, savings and investments, blockchain or any other area of financial services.

AlphaCode looks for strong entrepreneurial teams of two or more people with tech or financial services understanding and a business idea or model that they’ve validated a business case for, at least through some potential customer engagements.

One of the startups that is currently taking part in the programme is the Ispani Group. The startup provides sales channels for insurance distribution in informal markets and collects data for financial inclusion.

Ispani Group co-founder Ntandoyenkosi Shezi, commenting in the same statement, explained how AlphaCode Incubate has accelerated his exposure to financial service and to RMI companies.

“We’ve been given high quality commercial, tech and business mentors who have given us serious insights into improving our business.

“It’s a very supportive environment, where we have learnt from the others on the programme as well as those in the AlphaCode space who are further along in their entrepreneurial journey. All this is helping us to accelerate our growth,” said Shezi.

Another startup that is part of the programme is Nisa Finance. The company has developed a platform which supports invoice-backed financing to small-businesses.

Nisa Finance co-founder Tekane Ledimo pointed out, in the same statement, that incubation programme is tailored for “where your business is” and also provides financial support and extensive networks.

Kamogelo Kekana, the co-founder of savings startup Akiba Digital, pointed out how AlphaCode Incubate is helping him “bring his idea to life”.

“The focus is on the founders and the businesses they are building ensuring that our idea makes money on the back of it being something consumers really want,” said Kekana.

Apply for the programme here.

Read more: Twenty candidates on Explore initiative prepare to pitch for AlphaCode Incubate
Read more: AlphaCode Incubate launches call for black fintech startups to tap R16m in support, funding

Featured image: The founders of the last year’s eight winning startups (Supplied)