10 startups have completed a 3-month programme competing for one of the four places with an extended 6-month programme valued at over R1.5 million. The success is validated by their ability to achieve the right traction time unlocking a further R500,000 funding.
Andile Maseko at AlphaCode pointed out how the tumultuous year created an opportunity for entrepreneurs. This will fill the market gap for financial services and other related industries. Those selected among the top four earned an opportunity to gain further funding and mentorship.
The startups taking part will apply for seed capital through the AlphaCode fund that invests in early-stage startups.
The four most promising startups are Bento, an employee perks and benefits platform, AgriCool an e-marketplace linking smallholder farmers and buyers, Imfuyo Technologies, a smart farming solution for livestock farmers, and MatchKit.co a platform helping athletes commercialize their careers.
Over 200 fintech applied for AlphaCode’s Incubate programme looking to grow innovative financial services and discover the next Discovery or OUTsurance.
Over the past five years, R32 million worth of funding went to 31 black-owned financial services over the past 5 years. To date, it stands out as South Africa’s most prestigious fintech startup initiative.