10 SA fintech startups selected for $665k AlphaCode Incubate programme

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Ten South African fintech startups have been selected for the ZAR10 million (US$665,000) AlphaCode Incubate programme, which provides funding, guidance, co-working space and opportunities to apply for further early-stage investment.

In all, 200 fintech businesses applied for the AlphaCode Incubate programme which aims to grow innovative financial services entrepreneurs and find the next OUTsurance or Discovery. 

The 12-week intensive pre-incubation programme is valued at ZAR500,000 (US$33,000), including ZAR150,000 (US$10,000) in grant funding for each participant, and culminates in a demo day, where participants will compete for a place in a six-month step-up programme. Step-up offers grant funding of ZAR500,000 (US$33,000) for each startup and intensive incubation focused on achieving both product-market fit and financial viability.

The 10 selected startups include Bento, an out-of-the-box employee perks and benefits platform; Mapha, which buys and delivers goods from any local store in your area within two hours; OysterPay, a digital banking platform for gig workers; Melon, an easy way to invest in bitcoin and cryptocurrencies; and AgriCool, an e-marketplace that links smallholder farmers and buyers to a fair and reliable market. 

Also selected are Imfuyo Technologies, which is developing a smart farming solution that will give livestock farmers better oversight of their operations at viable cost points; MatchKit, which helps athletes better commercialise their careers; Varibill, a billing and revenue management tool; Chama Money, which enables stokvels to operate online in an easy, safe and transparent way; and DentX, a machine learning platform for vehicle damage repair pricing.

“We are delighted by the quality of the applications for our programme. We have selected a diverse cohort and we look forward to supporting these disruptive, early-stage businesses with pioneering ideas so that they can make a meaningful impact in the financial services industry,” said Andile Maseko, head of ecosystem development at AlphaCode.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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