Three fintech startups have received a boost of R23 million in supplier development loans from AlphaCode, Rand Merchant Investment Holdings (RMI)’s incubation, acceleration and investment vehicle. Zande Africa and Bright On Capital have been associated with RMI for some years now and have been awarded R10 million in supplier development loans each, while Livestock Wealth has been granted R2 million.
Last week, accelerator programme AlphaCode, awarded entrepreneurial packages valued at R16 million to eight of South Africa’s most promising financial services startups. The entrepreneurial packages consist of R1 million in grant funding and R1 million in support, which includes mentorship, monthly expert-led sessions, exclusive office space in Sandton, marketing, legal and other business support services - as well as access to the broader RMI network. Click to read more about the eight winners.