AlphaCode Awards R16 million to 8 FinTech Startups in SA

AlphaCode awards R16 million to 8 fintech startups
AlphaCode awards R16 million to 8 fintech startups

Rand Merchant Investment Holding (RMI), through AlphaCode, has awarded entrepreneurial packages valued at R16 million to eight of SA’s most promising financial services startups.

All businesses are under two years old and at least 51% owned by black South Africans.

Each business will receive a package valued at up to R2 million including R1 million in grant funding and R1 million in support services. This includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal and other business support services as well as access to like-minded entrepreneurs, RMI’s extensive network of thought leaders, potential clients and capital.

The AlphaCode Incubate initiative, in partnership with Merrill Lynch South Africa and Royal Bafokeng Holdings, identifies South African financial services entrepreneurs with extraordinary ideas and businesses that could impact the financial services industry.

More than 200 startups applied to participate. Of these, twelve made it to the final pitch evening and eight recipients were selected.

The winners are:

Name Description Founders Video link
Mari A digitised layby platform which allows for digital payments and savings. Customers should be able to make a layby purchase without incurring the cost of travelling to and from the store to make payments. Mari also allows people to create credit scores for themselves through an already existing payment structure without a bank account. Lebogang Miya

Anesu Chogugudza

Tawanda Sibanda

https://youtu.be/lgV0NB4iEFk

 

 

Spoon Money A group-based micro-working capital finance platform for female informal traders. Despite being banked, informal traders in townships have almost no access to credit to support their businesses. Thus, their opportunity to create sustainable, and more predictable, incomes from their businesses is compromised. *Nicolette Swartz

Lorna McLaren

 

https://youtu.be/6j0CI5JQ_qE

 

IsiDuli Credit product for the development of backyard rental stock in townships. There is a lack of access to development finance for property owners in townships and very little affordable rental stock for consumers. Lunga Nodliwa

*Kobela Matemane

 

https://youtu.be/hAx1vg8kIuI

 

 

Oyi Medical Card Payments technology integrated into prepaid card for restricted medical spend only. The majority of South Africans cannot afford medical-aid and do not always have cash readily available to pay for unexpected medical expenses.

Oyi is a prepaid card solution to help those who would otherwise not be able to access the medical care that they should be able to afford.

Tamsanqa Ngalo

 

https://youtu.be/qaGMNjHDdTI

 

Budgie Budgie is a free interactive application, that facilitates and assists spending based on a user’s created budget. From alleviating financial stress, to boosting financial freedom and control. Budgie will change the way people live their lives through better financial habits. Nchila Mokoena

Popo Sechele

Thulo Sechele

Ruben Engelbrecht

 
okGo.live On demand vehicle insurance specifically targeted at out of warranty vehicle owners. 70% of cars on SA roads are not insured because it’s not affordable. OkGO.live gives access to people who are locked out of the market by reducing accident repair costs by +50%, reducing fraud claims by 75% and making customers self-service to lower premiums, while providing added value to customers through vehicle data analytics to prevent mechanical failures and more. Thabang Butelezi

 

 

 

Olova Olova offers a single payment platform for public transport systems. The lack of integration and interoperability between public transport systems is problematic and this what Olova aims to fix. Sylvester Maganye

 

https://youtu.be/RMRFX0OM4sI

 

GetVanced Income advancing platform based on employee’s earned income. Millions of low-income workers live from one pay day to the next and are financially stressed. The most pressing everyday issue for South Africans is managing cash flow and the biggest issue is timing mismatches between income and expenses because they lack a savings buffer. GetVanced seeks to solve the issue of income timing by paying out employee advances based on income earned to date. *Raeesa Gabriels

Brendon Harris

 

https://youtu.be/51knRJXLSwE

 

 

The Incubate programme has disbursed R21 million in funding to 23 black-owned financial services businesses since it began four years ago.

“We have seen a notable improvement in the quality of applications year on year. This is indicative that AlphaCode is making an impact in the maturing of the fintech ecosystem. The intention behind AlphaCode’s Explore, Incubate and Accelerate programmes is for RMI to discover the next OUTsurance or Discovery; we want to identify, partner and grow the future of financial services in South Africa. In fact, two of the participants this evening came through our Explore programme,” says Dominique Collett, head of AlphaCode.

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