AlphaCode last night saw five black-owned South African fintech startups walk away with R1-million each in funding. A surprise additional R1-million was allocated to Heritage Capital Partners by Royal Bafokeng Holdings. The Broad-based Black Economic Empowerment (B-BBEE) pitching event is an initiative of Merrill Lynch South Africa and AlphaCode which seeks to identify and reward high potential South African fintech entrepreneurs to catalyse the development of fintech in South Africa. The event was run for the second time this year in collaboration with AlphaCode, a Rand Merchant Investments club for fintech entrepreneurs. Top honours were awarded to five of the eleven black-owned fintech businesses. These five become AlphaCode platinum members which entitles them to office space and one year of incubation. The winning fintech startups were:
- E-factor, an online marketplace that allows small and medium sized businesses to sell their invoices so that they can obtain payment within 24 hours
- Imafin, established in 2013, a specialist payment and commercial credit firm driven by innovation on traditional payments models.
- Invoiceworx, an online platform that enables SMEs to save time and money when applying for credit from financial institutions.
- Stokfella, which offers a digital platform for stokvels to manage their day to day affairs with ease.