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:
- Bento, a platform for out-of-the-box employee rewards and benefits;
- Mapha, which purchases and delivers products within two hours from any local store in your area;
- OysterPay, gig employees’ digital banking platform;
- Melon, a simple way to invest in bitcoin and cryptocurrencies;
- AgriCool, an e-marketplace that connects smallholder farmers and buyers to a reasonable and secure market.
- 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;
- MatchKit, that aims to help athletes better market their careers;
- Varibill, a tool for billing and revenue management;
- Chama Money, which allows stokvels to work online in a simple, secure and transparent manner;
- DentX, a vehicle damage repair pricing machine learning platform.