AlphaCode Incubate is inviting start-ups with game-changing business ideas in financial services to become part of AlphaCode. Eight businesses will each qualify for a R2-million package.

AlphaCode is Rand Merchant Investment Holdings (RMI) incubation, acceleration and investment vehicle for early-stage businesses which aims is to identify, partner and grow innovative businesses which can seriously disrupt the financial services industry.

The packages consist of R1-million in grant funding, a R500 000 12-month customised financial services programme with access to experienced mentors, RMI capital and an extensive network of thought leaders, R250 000 worth of comprehensive business support services, R250 000 worth of premium office space at AlphaCode’s exclusive Sandton co-working space and the opportunity to immerse in an unrivalled community of experts, potential clients and like-minded entrepreneurs.

Ntandoyenkosi Shezi is co-founder of iSpani Group which provides sales channels for insurance distribution in informal markets and collects data for financial inclusion and is currently part of the programme. He explains that Incubate has accelerated his exposure in financial services and to the 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.”

Tekane Ledimo of Nisa Finance, which offers a platform to support invoice-backed financing to SMEs, is also part of the programme. “Incubate is tailored for where your business is at and also provides financial support and extensive networks.”

Kamogelo Kekana is a co-founder of Akiba Digital which makes savings fun for millennials by leveraging artificial intelligence and a simplified interaction with savings goals. He explains that 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.”

Applicant businesses should be at least 51% black-owned and managed, with an early-stage idea or business not older than two years old. You could 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.

Applications close 18 June 2019 and interested parties can apply at www.alphacode.club/incubate