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Home Entrepreneurs

10 South African Fintech startups chosen For the $665k AlphaCode Incubate program

Tech Gist Africa by Tech Gist Africa
02/04/2021
in Entrepreneurs, Events, Fintech, Made In Africa, News, Opportunities, Startups, The Big 5, Venture Capital
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AlphaCode Tech news africa

AlphaCode Tech news africa

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For US$665,000 AlphaCode Incubate program, which offers support, guidance, co-working space and opportunities to apply for more early-stage investment, ten South African fintech start-ups have been chosen. 

In all, 200 fintech companies applied for the AlphaCode Incubate program to develop creative startups in financial services and find the next new discovery.

The 12-week intensive pre-incubation program, including US$10,000 in grant funding for each participant, is priced at US$33,000 and culminates in a demo day where participants can compete for a place in a six-month step-up program. For each start-up and intensive incubation, Step-up provides grant funding of US$33,000 based on achieving both product-market match and financial viability. 

The 10 selected startups include:

  1. Bento, a platform for out-of-the-box employee rewards and benefits; 
  2. Mapha, which purchases and delivers products within two hours from any local store in your area;
  3. OysterPay, gig employees’ digital banking platform; 
  4. Melon, a simple way to invest in bitcoin and cryptocurrencies;
  5. AgriCool, an e-marketplace that connects smallholder farmers and buyers to a reasonable and secure market. 
  6. Imfuyo Technologies, which is developing a smart farming solution that will provide livestock farmers with better supervision of their operations at viable cost points, is also selected; 
  7. MatchKit, that aims to help athletes better market their careers; 
  8. Varibill, a tool for billing and revenue management; 
  9. Chama Money, which allows stokvels to work online in a simple, secure and transparent manner;
  10. DentX, a vehicle damage repair pricing machine learning platform.
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