SA fintech startups invited to apply for $150k AlphaCode Incubate programme

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South African fintech startups have been invited to apply for the ZAR1.5 million (US$100,000) AlphaCode Incubate programme, which aims to identify, partner with and grow innovative entrepreneurs in financial services and related industries.

The AlphaCode Incubate programme is open to entrepreneurs with early-stage fintech or related sector startups, or even ideas for one. Innovative business concepts led by strong entrepreneurial teams can apply before October 31 to benefit from a ZAR1.5 million (US$100,000) entrepreneurial package.

To date, the Incubate programme has disbursed ZAR33,5 million (US$2.25 million) in funding to 41 black-owned financial services businesses over the past six years. It offers funding, guidance from experienced mentors and a panel of advisory experts, as well as access to AlphaCode’s exclusive co-working space.

Eight businesses will be selected to participate in a 12-week intensive pre-incubation programme and each business will receive ZAR150,000 (US$10,000) in grant funding. This pre-incubation programme focuses on how to achieve a viable business model. It culminates in a demo day where participants will compete for a place in the six-month step-up programme.

Four businesses will then be chosen for the six-month intensive incubation programme, which focuses on establishing product-market fit and financial viability and provides each participant with ZAR500,000 (US$34,000) grant funding.

Throughout the programme or after having completed it, participants can also apply for seed capital from AlphaCode’s new seed fund, which invests in pre-seed and seed-stage startups.

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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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