New fintech hub AlphaCode launched in SA - TechCentral

New fintech hub AlphaCode launched in SA

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Rand Merchant Bank Holdings (RMBH) and Rand Merchant Insurance Holdings (RMIH) have launched a new hub for “next-generation financial services entrepreneurs” in Sandton. Called AlphaCode, the hub is meant as a platform for its members to engage with and work alongside entrepreneurs, technology investors and industry experts.

AlphaCode provides office space and a clubhouse for entrepreneurs as well as an online community and access to regular networking events.

“The concept is modelled on the leading fintech development hub, Level39 in London’s Canary Wharf, which has become a successful catalyst for emerging fintech players,” RMBH and RMIH said in a statement. Fifty financial services entrepreneurs have already become members, they said.

There is no charge to belong to AlphaCode — it is fully funded by RMIH. There are four membership tiers, which range from “green” entry level membership up to “platinum”. Green membership is open to everyone and approval is immediate. Gold, platinum and diamond memberships are subject to AlphaCode team approval.

Green membership is offered to all aspiring entrepreneurs and service providers. It provides access to open networking events.

Gold membership is available to full-time founders and co-founders of financial services businesses only. Members have access to the Sandton-based AlphaCode co-working offices, facilitated networking and VIP events, informal mentorship and exposure to the RMIH investment team and portfolio companies.

Platinum membership is offered to high-potential, broad-based black economic empowerment businesses with five or fewer team members. AlphaCode offers free private office space at AlphaCode, business support services, informal mentorship and access to networking events, including pitches for enterprise funding.

Diamond membership is offered to businesses which are poised for high growth and investment from RMIH. These businesses are offered access to workspace and networking events as well as dedicated mentorship from senior RMIH executives.

RMIH senior investment executive Dominique Collett said in a statement that fintech business models of the future are “agile, disruptive ventures, often started by emerging entrepreneurs”.

“With this in mind, AlphaCode provides a vehicle to identify strategic key investments in the financial services industry and is a catalyst for the development of fintech in Africa.”  — © 2016 NewsCentral Media

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