Fintech startup initiative AlphaCode has identified five fintech startup companies to receive an additional six months of mentorship and execution support, after they completed an initial three-month programme and received R500 000 in grant funding each.
AlphaCode, through its Incubate programme, is open to entrepreneurs with early-stage fintech or related sector startups.
AlphaCode last year selected eight businesses to participate in the three-month programme, after which five businesses convinced a panel of judges why they should remain part of the Incubate programme.
Almost 170 technology businesses initially applied for the AlphaCode Incubate programme, of which eight were selected to participate in the three-month programme that provided funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s working space and opportunities to apply for further early-stage investment.
AlphaCode operations head Amina Patterson says the eight startups were particularly impressive, with seven of the eight led by female founders.
She mentions that AlphaCode initially intended for four startups to advance to the six-month programme, but that the talent was too compelling to not bring one more company on board.
The three businesses that did not advance to the next phase of the programme are still receiving mentorship.
Parent company Rand Merchant Investment Holdings executive Dominique Collett comments that it is clear how the standard of the AlphaCode Incubate programme has been raised.
The five participants in the six-month programme will each receive R500 000 in grant funding.
AlphaCode Incubate has disbursed R36-million in funding to 50 tech-enabled startups over the past seven years.
The five selected businesses are:
*Abela, a mobile payments platform that allows the underserved to make and receive payments;
*BriefCo, a legal cost consultancy leveraging technology to digitise and automate the preparation of bill of costs and oppositions;
*Sizanani, a stokvel management platform providing the first Whatsapp-based stokvel solution;
*Vocalysd, a transformative conversation-related technology leveraging artificial intelligence for call monitoring, analysis and reporting; and
*Welo, an on-site healthcare services, home medicine delivery and pathology service catering to individuals and corporates.