Connect with us

Ventureburn

AlphaCode selects 10 businesses for R10-million fintech support programme –

AlphaCode has announced the 10 startups that will take part in the prestigious AlphaCode Incubate programme that provides funding and more.

Published

on

AlphaCode has announced the 10 startups that will take part in the AlphaCode Incubate programme.

The development programme provides funding, mentorship from experts, access to AlphaCode’s co-working space, and the opportunity to apply for early-stage investment.

AlphaCode announces 10 fintech’s selected for the prestigious programme

Andile Maseko, head of ecosystem development at AlphaCode comments on the quality of applications received this year.

“We are delighted by the quality of the applications for our programme. We have selected a diverse cohort (a good mix of gender, age and race) and we look forward to supporting these disruptive, early-stage businesses with pioneering ideas so that they can make a meaningful impact in the financial services industry.”

AlphaCode Incubate programme

The selected participants will take part in a 12-week intensive pre-incubation programe that is valued at R500 000 and will be provided R150 000 in grant funding each.

The pre-incubation programme is the first phase and focuses on educating participants on how to achieve a viable business model.

At the end of the 12-week pre-incubation programme, partcipants will go head-to-head in a six-month step-up programme. The step-up programme offers selected participants R500 000 each and is an intensive incubation programme that focuses on establishing product-market fit and financial viability for participating startups.

According to AlphaCode the value of the entrepreneurial package offered in the programme is almost worth R1.5-million for each startup. The incubation programme also provides an opportunity for participants to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.

The ten selected startups

  • Bento is an out-of-the-box employee perks and benefits platform. It gives employers a simple and cost-effective solution to offer employee benefits without the cost and administrative burden. Employees are empowered to self-manage their benefits and perks which gives them freedom of choice over their remuneration structure and take-home pay. Co-founders: Claudia Snyman, Dennis Williams, Bryn Divey, and Ross Horak.
  • Mapha buys and delivers goods from any local store in your area within two hours. Mapha’s service delivers any retail item and affords the option of buying from multiple stores in one trip. In addition, daily courier services are offered. Mapha creates payment solutions for small businesses that would like to integrate delivery services. The business has expanded into Tembisa and Alexandra to penetrate the township economy, which hasn’t had on-demand delivery services. Co-founders: Loyiso Vatsha, Tshidiso Vatsha, Noble Nyoni, and Lesego Mokou.
  • OysterPay is a digital banking platform for gig workers who are largely overlooked by traditional financial institutions. It offers a prepaid debit card and mobile app that helps these workers get paid, save, and borrow. OysterPay’s data science approach builds highly personalised offerings, particularly in savings and digital lending, that promotes financial security and inclusion for all gig workers. Co-founders: Scelo Makhathini and Atif Muhammad.
  • Melon is the easiest way to invest in Bitcoin and cryptocurrencies. With lightning-fast purchases and a simple user interface, Melon makes buying Bitcoin as effortless as shopping online. In just a few clicks, customers will be able to add an investment amount to their cart, pay using a card or instant EFT, and access savings products in one convenient location. No waiting for deposits, and no complicated trading interface. Co-founders: Kreaan Singh and Alex Coetzee.
  • AgriCool is an e-marketplace that links smallholding farmers and buyers to a fair and reliable market. It offers farmers access to finance, reliable information on improving their production and it works with both formal and informal markets. Street vendors can get fresh produce delivered, saving them transportation costs. Founder: Zamokuhle Thwala.
  • Imfuyo Technologies is developing a smart farming solution that will give livestock farmers better oversight of their operations at viable cost points. The initial offering will consist of a smart tracker that will collect critical data about cattle location and behaviour. The data is analysed to enable farmers to optimise farming activities. The platform will also serve as a de facto cattle deeds office, providing better traceability across the beef production value chain. Through Imfuyo Technologies, livestock farmers also have better access to financial markets. Founder: Allasandro Da Gama
  • MatchKit.co helps athletes better commercialise their careers. The platform helps athletes make money, regardless of the status of sporting events. It integrates into existing social media channels and stats to showcase the value of an athlete’s digital audience to potential sponsors. It also offers a plug and play e-commerce store where fans can purchase everything from bespoke branded merchandise to personalised video and audio shout-outs. MatchKit.co plans to add insurtech and transactional / virtual card capabilities to the offering. Founders: Mike Sharman, Shaka Sisulu, Bryan Habana, and Ben Karpinski.
  • Varibill is a billing and revenue management tool, ideal for providers of usage-based products and services. Varibill provides specialised software plug-ins, called source collectors, that interrogate various disparate sources or devices and then translates the usage data into billing data. It connects the sources of usage with a company’s existing accounting system. Varibill is a business model enabler for businesses that recurring, variable billing needs with benefits including accurate timely invoices; improved profitability; and reduction in revenue leakage. Founder: Leon Kelder.
  • Chama Money enables stokvels to operate online in an easy, safe, and transparent way whilst giving them access to retail, insurance, and financial products from trusted providers. The platform has automated processes like bookkeeping, accounting, and payments. Co-founder: Palesa Lengolo.
  • DentX is a machine learning platform for vehicle damage repair pricing that empowers vehicle or fleet owners with data for competitive quotations. The DentX machine learning platform connects real-time aggregation of approved service providers with machine learning to give more accurate estimations per line item. This offers the consumer cost control, repair service quality assessments, immutable damage records, and no room for monopolies or collusion. Co-founders: Jonathan Kojo Asiamah and Nolo Mokoena.

Read more: New funding mechanism launches for SA medical sector
Read more: SA fintech increases SMME funding limit to R2-million

Featured image: Andile Maseko head of ecosystem development AlphaCode (Supplied)

Andile Maseko, head of ecosystem development at AlphaCode comments on the quality of applications received this year.

Source: https://ventureburn.com/2021/02/alphacode-selects-10-businesses-for-r10-million-fintech-support-programme/

Ventureburn

New data report shows fintech investment in Africa on the rise –

A new report by Catalyst Fund and Briter Bridges has indicated that fintech investment across emerging markets, including Africa, is increasing.

Published

on

A new report by tech accelerator Catalyst Fund and data research company Briter Bridges has indicated that fintech investment across emerging markets, including Africa, is increasing.

Catalyst Fund published The State of Fintech in Emerging Markets Report on 6 May

in addition to the rising numbers, the report shows insight on and acquisition strategies favoured by startups, and the popularity of embedded finance models.

However, there remain shortfalls in demographic representation and the average size of seed deals on the continent.

“We were particularly happy to see that the performance of fintech companies in emerging markets remained strong, and grew in terms of users, throughout COVID-19,” said Briter Bridges Director, Briter Bridges in a statement.

What did the data report show about fintech investment?

The report surveyed 177 startups and 33 investors from across Africa, India, and Latin America.

According to the data report, fintech investment in Africa and other emerging markets has increased during the last five years. The amount of investment across the regions totaled $23 billion. Furthermore, Africa is experiencing a growing number of early-stage deals.

However, while seed and pre-seed deals in Africa are rising, their average sizes are still lower than that of other regions.

Africa seed rounds on average yield $1 million. In India and Latin America, the rounds on average yield $3 million.

Meanwhile, embedded finance models, financial services offered by non-bank entities, are becoming more popular. This is due to fintech offerings becoming embedded into other product services such as agriculture and e-Commerce. But, this fintech opportunity is still in the minority.

75% of startups use partnerships and digital media as their main customer acquisition strategies. This is particularly the case with startups offering financial infrastructure and payment products. However, agent networks are still essential for startups to reach their base.

Previously underrepresented groups, such as women and migrants, still make up a small number of fintech customers. Underserved groups made up less than 25% of the total customer base among the majority of surveyed startups.

However, 81% of startups said they intend to target these segments.

“As fintechs play an even bigger role in financial inclusion, investors have indicated greater interest in both financial and social returns, which will likely translate into more resources and more attention from global players paid to these startups, especially in cash-dominated economies,” Giuliani said.

The detailed report can be found here.

Read more: Joburg-based fibrePOYNT receives funding to provide internet to township
Read more: African money gateway Paystack launches in South Africa

Feature image: Adeolu Eletu via Unsplash

Source: https://ventureburn.com/2021/05/new-data-report-shows-fintech-investment-in-africa-on-the-rise/

Continue Reading

Ventureburn

UberCOMMUNITY encourages locals to donate to fire relief efforts in Cape Town –

UberCOMMUNITY encourages the local community to donate items and help students, firefighters, and volunteers impacted by the fire by using the Uber app.

Published

on

In a response to the devastating fires that have impacted Cape Town, global e-hailing ride service Uber has launched UberCOMMUNITY. It is an initiative that encourages the local community to donate items and help students, firefighters, and volunteers impacted by the fire by simply using the Uber app.

It is an initiative that encourages the local community to help students, firefighters, and volunteers impacted by the fire by simply using the Uber app

With many University of Cape Town students displaced, over 100 firefighters working round the clock to tackle the blaze, it is up to the local community to step in and provide much-needed assistance.

Uber drivers will be mobilised to drop off donation items to collection points in Cape Town. By following the below steps, locals can access this delivery service free of charge and help assist those that are working hard to contain the fire.

Want to donate much-needed items to those affected by the CT fires? Simply enter the promo code UBERCOMMUNITYCT in your Uber app – this offers you 1 free trip (up to R250) for all trips ending at Old Mutual West Campus, Pinelands. T&Cs apply.

More info: https://t.co/W8RtJbnipU pic.twitter.com/RMJ1PjaZ2A

— Uber South Africa (@Uber_RSA) April 19, 2021

How to make use of UberCOMMUNITY

  • Open the Uber app from Monday 19 April to Tuesday 20 April 2021 between 5 pm – 10 pm (Monday) and 9 am – 10 pm (Tuesday)
  • Tap the Menu icon on the top left-hand corner of the Uber app
  • Select ‘Wallet’ and scroll down and tap ‘Add Promo Code’.
  • Enter UBERCOMMUNITYCT and tap ‘Add’. This offers you 1 free trip (up to R250). T&Cs will apply.
  • Tap ‘Where to’ and enter ‘Old Mutual Mutual Park, Pinelands’.
  • Request a ride as usual.
  • When the driver arrives – please meet him or her at your pick-up point with your donations. Don’t forget to wear a mask or facial covering
  • The driver will then deliver them directly to the UCT Student Representatives Council and Gift of the Givers drop-off point in Cape Town. Items received will be sorted, packaged, and distributed to those in need.
  • Uber will cover the fare costs involved, drivers will be compensated per normal
  • Riders will not be able to take any rides in any of the UberCOMMUNITY vehicles, these are strictly for donation supplies only.
  • In an official press statement, Uber outlines what items are needed for donation.

    “Uber is encouraging all locals to donate items such as general toiletries, sanitary pads, beverages and non-perishable food items. Every donation, regardless of the size, will make a huge difference to those affected.”

    The UberCOMMUNITY feature is only available in Cape Town CBD, Greenpoint, Constantia, Claremont, Rondebosch Lower, Pinelands, Century City, and surrounding areas to ensure that the drivers do not congest critical areas for emergency services.

    The collection and distribution of all donations will be conducted in partnership with Gift of the Givers and donations will operate on 19 April from 5pm- 10pm and on 20 April 2021 from 9am to 10pm.

    Locals are advised that all donations must be placed in a bag or box before being collected by an Uber driver and to clearly indicate what is being donated.

    All Covid-19 protocols must be adhered to when you meet the drivers with the items to be sent to the donation collection points

    Please note: Offer applies to the first 20,000 users who apply the promotion code. Offer applies to existing users of the Uber App. Valid for up to 1 trip. Offer valid from 19 April 2021 and, regardless of when the promotional code is applied, offer will automatically terminate at 22:00 on 20 April 2021.

    Offer valid between 09:00, 19 April 2021 – 22:00, 20 April 2021. Restrictions: (i) Offer valid in South Africa only where the Uber App is available and; (ii) Maximum discount for this Offer is R250. Cannot be used in conjunction with any other offer

    Read more: SA eCommerce giant joins effort to assist Cape firefighters
    Read more: Bottles launches donation feature to assist Cape Town firefighters

    Featured image: Uber (Supplied)

    Want to donate much-needed items to those affected by the CT fires? Simply enter the promo code UBERCOMMUNITYCT in your Uber app – this offers you 1 free trip (up to R250) for all trips ending at Old Mutual West Campus, Pinelands. T&Cs apply.

    Source: https://ventureburn.com/2021/04/ubercommunity-encourages-locals-to-donate-to-fire-relief-efforts/

    Continue Reading

    Ventureburn

    Winners of Africa’s largest inter-university hackathon 

    Hosted by Zindi, UmojaHack Africa 2021, a data science hackathon for students has announced this year’s winners who won over $10 000 in prizes.

    Published

    on

    Hosted by Zindi, UmojaHack Africa 2021, a data science hackathon for students has announced this year’s winners who won over $10 000 in prizes.

    The selected winners secured $ 10 000 in prizes

    Celina Lee, CEO of Zindi comments on the importance of the hackathon in fostering innovation and much-needed solutions in the space of data science.

    “UmojaHack Africa has proven to be a game-changing event, especially when so many young people have been impacted by the global pandemic. This is a chance for students from across the continent to come together to learn, compete, and have fun. UmojaHack is about building skills, creating new machine learning applications to solve problems that really matter while forging new connections among the students as well as with industry. We are incredibly excited to see what the students come up with in just one weekend.”

    UmojaHack Africa 2021

    With over 1000 students from 126 universities across Africa competing, data science students from nine African countries were awarded and over 8500 submissions created to solve real-world machine learning challenges.

    Participating students originated from Algeria, Benin, Cameroon, Côte d’Ivoire, Egypt, Ethiopia, Ghana, Guinea, Kenya, Malawi, Morocco, Nigeria, Rwanda, Senegal, South Africa, Sudan, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe.

    Selected participants underwent three different machine learning challenges; a financial resilience prediction challenge, a logistics challenge for African B2B service provider Sendy, and a computational biology challenge using the DeepChain™ platform developed by InstaDeep.

    Winners

    Second place in the Sendy Delivery Rider Response Challenge was awarded to Tony Mipawa, a data science student from the University of Dodoma.

    Mipawa comments on the award received.

    “I’m very happy with the outcome. My advice is, whenever there is an opportunity to learn, you should take it. Learning is all about passion; whenever there is an opportunity to learn, put your whole effort into it, do it well. Try to learn from anyone you meet. I would like to thank Zindi for what that mentorship programme gave me.”

    According to reports, the winning solutions developed by Zindi users will be shared with these organisations and deployed in real-world applications.

    Read more: Africa’s largest data science hackathon for students to take place
    Read more: SA tech startup aims to promote emotional intelligence among students

    Featured image: David Pupaza via Unsplash

    “UmojaHack Africa has proven to be a game-changing event, especially when so many young people have been impacted by the global pandemic. This is a chance for students from across the continent to come together to learn, compete, and have fun. UmojaHack is about building skills, creating new machine learning applications to solve problems that really matter while forging new connections among the students as well as with industry. We are incredibly excited to see what the students come up with in just one weekend.”

    Source: https://ventureburn.com/2021/04/winners-of-africas-largest-inter-university-hackathon/

    Continue Reading

    Trending