These businesses will be part of a fully sponsored group of like-minded financial services founders ready to take a rigorous two-year journey tailored to build the next generation of financial services market leaders.
The programme kicks off on 1 November this year and lasts for two years.
AlphaCode has partnered with scale-up accelerator 10X-e to provide a R2.5-million programme offering mentorship, expert guidance and support services to help these businesses on the path to scale and job creation.
Siya Ntutela CEO of Invoiceworx provides inventory finance to spaza shops.
“AlphaCode so far has helped us with finding our product market fit and connected us to the First Rand group of companies and we now have a contract with one of them. The funding they provided assisted us in building our technology and hiring staff,” Ntutela says.
“We have opened two new depots, we employ 40 people and service over 700 spaza shops. We believe the AlphaCode Accelerate programme will support us to refine our offering and help us to create business processes geared for a scaling company.”
AlphaCode was founded to seek the next OUTsurance or Discovery.
Nthuthuko Shezi, founder and ‘cow executive officer’ of Livestock Wealth, offers the ability to own and manage livestock with an app, and connects farmers looking for funding to grow their farms, with investors looking to invest in cows.
“AlphaCode has been a great partner and supporter of Livestock Wealth since 2016. We have great expectations of AlphaCode Accelerate as a useful partner for our next phase of growth and expansion beyond South Africa,” says Shezi.
Jason Goldberg, 10X-E co-founder, says there’s a lot of help for startups, but very little for the most difficult part of the entrepreneurial journey, scaling up. “Even the top 1% of founders get stuck or fail in the scale-up stages, mostly because they do not know the terrain. It is dangerous ground that surprises at every turn with new perils.”
AlphaCode is Rand Merchant Investment Holding’s (RMI) incubation, acceleration and investment vehicle that identifies, partners and grows early stage financial service ventures.
Schalk Nolte is CEO and founder of Entersekt, an innovator in mobile-first fintech solutions in authentication and a mobile banking app that helps protects tens of millions of end-users worldwide.
He believes the programme will provide Entersekt with additional access to experts to help achieve their goals.
“We have embarked on a global expansion drive. Scaling fast has its challenges and we hope the programme will help us improve on our operating model, so that we can continue to grow our software-as-a-service business sustainably.”