AlphaCode, the South African FinTech accelerator, has invited financial services startups to apply to its year-long Incubate programme. The AlphaCode Incubate programme is open to anyone who is currently working in a corporate or has already founded a FinTech startup or is just a financial services entrepreneur.

The startup programme is an initiative of Rand Merchant Investment Holdings (RMI), Bank of America Merrill Lynch and Royal Bafokeng Holdings.

“Whilst the initial attraction is the money, we have had our previous participants say that they value the top rate mentorship and learnings they get even more.  We’ve showcased key learning modules such as regulation in financial services, digital marketing basics and growth hacking with speakers from the Reserve Bank and Luno," said Andile Maseko, head of ecosystem development at AlphaCode.

FinTech ecosystem growth in South Africa

Many financial services professionals and entrepreneurs have argued over the years that South Africa has the potential to become Africa's FinTech centre of excellence. Some of these sentiments expressed are as a result of the South African Reserve Bank establishing a FinTech unit within the country's central bank to track the FinTech industry and advice on policy.

As far as AlphaCode Incubate in South Africa is concerned, the final eight businesses selected will each receive: a package valued at R2 million each including R1m 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.

Applications close on Tuesday, 18 June 2019. Thereafter there will be a rigorous selection process involving a business reviews as well as a bootcamp for those shortlisted.  The final shortlist of top 16 applicants will stand a chance to impress a judging panel on 1 August 2019 in order to secure one of the winning programme slots.


Cover image credit: Andile Maseko, head of ecosystem development at AlphaCode.