Fintech startups in South Africa have been invited to apply for the latest edition of the AlphaCode Incubate programme, which aims to identify, partner and grow innovative financial services entrepreneurs.

“At AlphaCode Incubate we know how much determination is required to get an early-stage business or idea off the ground. Entrepreneurs have to overcome many challenges when they first start and it is crucial to know how to navigate these challenges for success. Our mission is to help disruptive, early-stage businesses with pioneering ideas to make a meaningful impact in the financial services industry as we seek the next OUTsurance or Discovery,” said Andile Maseko, head of ecosystem development at AlphaCode.

Here Is What You Need To Know

• For this edition, five startups fintech startups in South Africa will be chosen.
• Each startup will then go ahead to receive grant funding of ZAR500,000 (US$30,000). Apart from this, the startups will also be able to apply for other early stage investments from AlphaCode’s fund.
• The AlphaCode Incubate Programme which offers intensive incubation focused on achieving product-market fit, as well as financial viability, also provides to the successful startups guidance from performance coaches as well as a panel of advisory experts, and access to AlphaCode’s co-working space. 
• AlphaCode is the Rand Merchant Investment Holding (RMI) incubation, acceleration and investment vehicle that identifies, partners and grows early-stage financial service ventures.
• Its Incubate programme has disbursed ZAR30 million (US$1.8 million) in funding to 31 black-owned financial services businesses over the past five years, and is now offering another ZAR10 million (US$600,000) through its latest edition.

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Alphacode Incubate how to apply

How To Apply

• The selection process promises to be rigorous and will include a bootcamp for 30 best applicants. Thereafter, 10 entrepreneurs will be chosen to take part in a 12-week intensive pre-incubation programme valued at ZAR500,000 (US$30,000), including ZAR150,000 (US$9,000) in grant funding for each participant. 
• This jump-start programme focuses on achieving a viable business, and culminates in a demo day where participants will compete for a place in a six-month step-up programme.
• Applications for the programme are open here until October 26, 2020. 

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