Wanted: 8 black-owned financial startups for an investment of R1 million each
- The RMI-supported business incubator AlphaCode is looking for businesses that aim to disrupt the financial services sector.
- A total of 16 businesses will be selected to pitch for eight places on the programme of twelve months.
- The eight businesses will each get R1 million in grant funding as well as R1 million worth of support.
A small business incubation programme that is supported by by Rand Merchant Investment Holdings is looking for entrepreneurs who aim to disrupt financial services.
A total of 16 businesses will be selected to pitch for eight places on the AlphaCode Incubate programme of twelve months. The eight businesses will each get R1 million in grant funding as well as R1 million worth of support including mentorship, exclusive office space in Sandton, marketing, legal and other business support services as well as access to RMI’s networks.
The businesses must be no older than two years and must be 51% black owned and managed.
The competition is open to businesses across the financial spectrum including payments, insurance, savings and investments, advisory, data analytics and blockchain.
"We want to help take courageous entrepreneurs with seriously disruptive financial services business models to the next level," says AlphaCode head, Dominique Collett.
In partnership with Bank of America Merrill Lynch South Africa and Royal Bafokeng Holdings, AlphaCode Incubate has disbursed R13 million to 15 black-owned businesses over the last three years
Entries can be done on the competition website. The first round of applications closes on August 31.
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