AlphaCode has announced this year’s Incubate programme cohort. The programme aims to grow innovative fintech startups by providing funding, coaching, access to co-working space and opportunities to apply for further early-stage investment.
Nearly 200 fintech businesses applied for the intensive 12-week programme offering an entrepreneurial package of almost R1 500 000 for each startup.
The first part of Incubate, the jump-start programme has just begun and focuses on creating a viable business by finding a problem-solution fit. It is valued at R500 000, including R150 000 in grant funding for each participant.
Jump-start will culminate in a demo day, where participants will compete for one of five places in the second part of Incubate, the step-up programme. Step-up also offers each startup grant funding and a six-month incubation focused on achieving both product-market fit and financial viability. In addition, startups will be able to apply for seed capital from AlphaCode.
Andile Maseko, head of ecosystem development at AlphaCode says, “We’re delighted by the quality and diversity of the applications for our programme, we’ve seen a good mix of gender, age and race. We have selected a diverse cohort (good mix of ) and we look forward to supporting these pioneering businesses so that they can make a meaningful impact in the financial services industry.”
The ten businesses
Bento is an out-of-the-box employee perks and benefits platform. It gives employers a simple and cost-effective solution to offer employee benefits without the cost and administrative burden. Employees are empowered to self-manage their benefits and perks which gives them freedom of choice over their remuneration structure and take-home pay.
Mapha buys and delivers goods from any local store in your area within two hours. Mapha’s service delivers any retail item and affords the option of buying from multiple stores in one trip. In addition, daily courier services are offered. Mapha creates payment solutions for small businesses that would like to integrate delivery services. The business has expanded into Tembisa and Alexandra to penetrate the township economy, which hasn't had on-demand delivery services.
OysterPay is a digital banking platform for gig workers who are largely overlooked by traditional financial institutions. It offers a prepaid debit card and mobile app that helps these workers get paid, save, and borrow. OysterPay’s data science approach builds highly personalised offerings, particularly in savings and digital lending, that promotes financial security and inclusion for all gig workers.
Melonis the easiest way to invest in Bitcoin and cryptocurrencies. With lightning-fast purchases and a simple user interface, Melon makes buying Bitcoin as effortless as shopping online. In just a few clicks, customers will be able to add an investment amount to their cart, pay using card or instant EFT, and access savings products in one convenient location. No waiting for deposits, and no complicated trading interface.
AgriCoolis an e-marketplace that links smallholding farmers and buyers to a fair and reliable market. It offers farmers access to finance, reliable information on improving their production and it works with both formal and informal markets. Street vendors can get fresh produce delivered, saving them transportation costs.
Imfuyo Technologies is developing a smart farming solution that will give livestock farmers better oversight of their operations at viable cost points. The initial offering will consist of a smart tracker that will collect critical data about cattle location and behaviour. The data is analysed to enable farmers to optimise farming activities. The platform will also serve as a de facto cattle deeds office, providing better traceability across the beef production value chain. Through Imfuyo Technologies, livestock farmers also have better access to financial markets.
MatchKit.co helps athletes better commercialise their careers. The platform helps athletes make money, regardless of the status of sporting events. It integrates into existing social media channels and stats to showcase the value of an athlete’s digital audience to potential sponsors. It also offers a plug and play e-commerce store where fans can purchase everything from bespoke branded merchandise to personalised video and audio shout-outs. MatchKit.co plans to add insurtech and transactional / virtual card capabilities to the offering.
Varibillis a billing and revenue management tool, ideal for providers of usage-based products and services. Varibill provides specialised software plug-ins, called source collectors, that interrogate various disparate sources or devices and then translates the usage data into billing data. It connects the sources of usage with a company’s existing accounting system. Varibill is a business model enabler for businesses that recurring, variable billing needs with benefits including accurate timely invoices; improved profitability; and reduction in revenue leakage.
Chama Moneyenables stokvels to operate online in an easy, safe and transparent way whilst giving them access to retail, insurance, and financial products from trusted providers. The platform has automated processes like bookkeeping, accounting and payments.
DentX is a machine learning platform for vehicle damage repair pricing that empowers vehicle or fleet owners with data for competitive quotations. The DentX machine learning platform connects real-time aggregation of approved service providers with machine learning to give more accurate estimations per line item. This offers the consumer cost control, repair service quality assessments, immutable damage records, and no room for monopolies or collusion.
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