Almost 200 fintech businesses applied for the AlphaCode Incubate programme which aims to grow innovative financial services entrepreneurs and find the next OUTsurance or Discovery.
Ten have been selected for a development programme that provides funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space and opportunities to apply for further early-stage investment.
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The 12-week intensive pre-incubation programme is valued at R500 000, including R150 000 in grant funding for each participant. This jump-start programme has just begun and focuses on achieving a viable business.
It culminates in a demo day, where participants will compete for a place in a 6-month step-up programme. Step-up offers grant funding of R500 000 for each startup and intensive incubation focused on achieving both product-market fit and financial viability. The value of this entrepreneurial package is almost R1 500 000 for each startup. In addition, startups will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.
“We are delighted by the quality of the applications for our programme. We have selected a diverse cohort (good mix of gender, age and race) and we look forward to supporting these disruptive, early-stage businesses with pioneering ideas so that they can make a meaningful impact in the financial services industry,” says Andile Maseko, head of ecosystem development at AlphaCode.
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The ten businesses
Bento is an out-of-the-box employee perks and benefits platform. It gives employers a simple and cost-effective solution to offer employee benefits without the cost and administrative burden. Employees are empowered to self-manage their benefits and perks which gives them freedom of choice over their remuneration structure and take-home pay. Co-founders: Claudia Snyman, Dennis Williams, Bryn Divey and Ross Horak.
Mapha buys and delivers goods from any local store in your area within two hours. Mapha’s service delivers any retail item and affords the option of buying from multiple stores in one trip. In addition, daily courier services are offered. Mapha creates payment solutions for small businesses that would like to integrate delivery services. The business has expanded into Tembisa and Alexandra to penetrate the township economy, which hasn’t had on-demand delivery services. Co-founders: Loyiso Vatsha, Tshidiso Vatsha, Noble Nyoni and Lesego Mokou.
OysterPay is a digital banking platform for gig workers who are largely overlooked by traditional financial institutions. It offers a prepaid debit card and mobile app that helps these workers get paid, save, and borrow. OysterPay’s data science approach builds highly personalised offerings, particularly in savings and digital lending, that promotes financial security and inclusion for all gig workers. Co-founders: Scelo Makhathini and Atif Muhammad.
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