8 South African fintech startups awarded funding

August 21, 2019 • Southern Africa, Startups

8 South African fintech startups awarded funding

The eight startups include; Mari, Spoon Money, Oyi Medical Card, IsiDuli, Budgie,, Olova and GetVanced.

On Tuesday, 20 August 2019, Rand Merchant Investment Holding (RMI) in partnership with AlphaCode announced that it has awarded entrepreneurial packages valued at over $104 000 to eight of SA’s most promising financial services startups. 

All businesses are under two years old and at least 51 per cent owned by black South Africans. They have each been promised a package valued at up to $130 000 which includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal support services as well as access to like-minded entrepreneurs.

AlphaCode says their incubate initiative identifies South African financial services entrepreneurs with extraordinary ideas and businesses that could impact the financial services industry. The eight startups include; Mari, Spoon Money, Oyi Medical Card, IsiDuli, Budgie,, Olova and GetVanced. 

“We have seen a notable improvement in the quality of applications year on year. This is indicative that AlphaCode is making an impact in the maturing of the fintech ecosystem. The intention behind AlphaCode’s Explore, Incubate and Accelerate programmes is for RMI to discover the next OUTsurance or Discovery; we want to identify, partner and grow the future of financial services in South Africa. Two of the participants this evening came through our Explore programme,” says Dominique Collett, Head of AlphaCode.

She adds, “we have seen an increase in the number of female-led startups applying for this year’s programme – there are four female co-founded startups in the top 12 and three in the final six. There was also a stronger focus this year on alternative forms of lending.”

Andile Maseko, Head of Ecosystem Development at AlphaCode, says “Whilst the initial attraction of Incubate is the money, we have had most of our previous participants say that they value the top rate mentorship and learnings they get even more.  We showcase key learning modules such as regulation in financial services, fundraising and digital marketing basics”.

“With the support networks that these eight businesses are now able to access, there is a great expectation for their business development and traction over the 12 months of the programme.” 

Edited by Jenna Cook

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