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

Entrepreneurs with early stage financial or related industry businesses, or even ideas for one, are welcome to apply to the AlphaCode Incubate programme. Innovative company ideas headed by outstanding entrepreneurial teams can apply for a ZAR1.5 million (US$100,000) entrepreneurship package by October 31.

Over the last six years, the Incubate initiative has provided investment to 41 black-owned financial services firms totalling ZAR 33.5 million (US $2.25 million). It provides finance, mentorship, and access to AlphaCode’s private co-working space, as well as advice from experienced mentors and a council of advisory specialists.

Eight firms will be chosen to participate in a 12-week rigorous pre-incubation programme, with each receiving ZAR 150,000 in grant cash (US $10,000). This pre-incubation programme focuses on developing a business plan that is viable. Participants will compete for a spot in the six-month step-up programme during a demo day.

Four firms will be chosen for the six-month rigorous incubation programme, which focuses on proving product-market fit and financial sustainability and gives each participant a grant of ZAR500,000 (US $34,000).

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