Local fintech incubation programme – AlphaCode Incubate – is preparing for its 2022 cohort, with applications for next year closing on 31st October. As such, local fintechs looking for a significant boost only have a few weeks left to apply for the programme.
For the 2022 cohort, AlphaCode says packages amounting to R1.5 million will be made available to successful fintechs, with the programme having disbursed R33.5 million in funding to 41 black-owned financial services businesses over the past six years.
“Despite the psychological, financial and health challenges we faced during the pandemic, there has been incredible camaraderie and traction achieved among the selected startups,” notes Amina Patterson, head of incubation at AlphaCode (pictured below).
She adds that over the past nine months, AlphaCode Incubate supported startups that are showing incredible results, with several performing well in a very short time, despite the pandemic and the setbacks caused by looting.
“These results have validated our startup selection and incubation methodology that we refined over the past few years and we hope to improve on these results with the new group in 2022.”
As part of the selection process, there will be two phases.
In phase one, eight businesses will be selected to participate in a 12-week pre-incubation programme and each business will receive R150 000 in grant funding. This pre-incubation programme culminates in a demo day where participants will compete for a place in the 6-month step-up programme.
During phase two, four businesses will then be chosen for the six-month intensive incubation programme, which focuses on establishing product-market fit and financial viability, provides each participant with R500 000 in grant funding.
To apply for the next programme which starts on 17th January 2022, head to this URL.