Amina Patterson - Afrikan Heroes

Five Fintech Startups Selected For AlphaCode Incubation Programme

June 5, 2022

AlphaCode, a fintech startup initiative, has picked five fintech startup companies that will receive a further six months of mentorship and execution support after completing a three-month program and receiving R500 000 in grant financing each.

Through its Incubate program, AlphaCode welcomes entrepreneurs with early-stage fintech or related sector firms.

Amina Patterson, AlphaCode’s operations head

Last year, AlphaCode chose eight businesses to participate in the three-month program, following which five businesses persuaded a panel of judges that they should remain in the Incubate program.

Almost 170 technology companies applied for the AlphaCode Incubate programme, and eight were chosen to participate in the three-month program, which included funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s working space, and opportunities to apply for additional early-stage investment.

Amina Patterson, AlphaCode’s operations head, says the eight firms were particularly impressive, with seven of the eight helmed by female founders.

She notes that AlphaCode had planned for four startups to move to the six-month program, but the talent was too enticing not to bring on one more.

The three businesses that did not move to the next stage of the program continue to be mentored.

Executive Dominique Collett of parent business Rand Merchant Investment Holdings remarks on how the standard of the AlphaCode Incubate program has been increased.

The five participants in the six-month program will each get a stipend of R500 000.

Over the last seven years, AlphaCode Incubate has distributed R36 million in funding to 50 tech-enabled startups.

The five selected businesses are:

Abela, a mobile payments platform that allows the underserved to make and receive payments;

BriefCo, a legal cost consultancy leveraging technology to digitise and automate the preparation of bill of costs and oppositions;

Sizanani, a stokvel management platform providing the first Whatsapp-based stokvel solution;

Vocalysd, a transformative conversation-related technology leveraging artificial intelligence for call monitoring, analysis and reporting; and

Welo, an on-site healthcare services, home medicine delivery and pathology service catering to individuals and corporates.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

How Startups In South Africa Can Apply For New Funding From AlphaCode

September 23, 2021

AlphaCode ’s annual incubation program is already accepting applications, and the investment vehicle is looking for early-stage fintech and related-sector startups in South Africa. Financial services entrepreneurs and fintech enterprises have until October 31 to submit their applications for a chance to win an R1.5 million entrepreneurial package, according to AlphaCode.

*Amina Patterson, head of incubation at AlphaCode*

“Despite the psychological, financial and health challenges we faced during the pandemic, there has been incredible camaraderie and traction achieved among the selected start-ups,” said Amina Patterson, head of incubation at AlphaCode who added that the programme for 2021 was run completely remotely due to the COVID-19 pandemic.

Here Is What You Need To Know

AlphaCode is a Rand Merchant Investment-backed incubation, acceleration, and investment vehicle for early-stage financial services companies.

The yearly AlphaCode Incubate program aims to find and reward high-potential, innovative entrepreneurs in order to promote fintech and financial services development in South Africa.

The program provides funding, mentorship, and access to AlphaCode’s exclusive co-working space, as well as guidance from experienced mentors and a panel of advisory experts.

Over the last six years, it has granted R33.5 million in support to 41 black-owned financial services enterprises.

The programme is divided into two parts. Eight businesses are chosen to participate in a 12-week intensive pre-incubation program in the first phase, with each receiving R150 000 in grant funding. The goal of this pre-incubation program is to develop a sustainable business concept. It concludes with a demo day, during which participants compete for a spot in the six-month step-up program.

In phase two, four startups are selected for a six-month intensive incubation program aimed at establishing product-market fit and financial sustainability, with each participant receiving R500 000 in grant financing.

Participants can apply for seed money from AlphaCode’s new seed fund, which invests in pre-seed and seed stage start-ups, at any time during or after the program.

How Startups May Apply

“AlphaCode Incubate is looking for exceptional entrepreneurial teams, with the grit to run with an early-stage business or idea that is differentiated and compelling,” Patterson said.
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“We need entrepreneurs who can navigate the challenges of a start-up to reach success. It is our mission to support disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry, as we hope to find South Africa’s next generation of successful financial services ventures.”

Click here to apply for the 2022 program, which begins on January 17, 2022.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer