When you think of technology and innovation, you’re usually not thinking about the financial sector. Unless you work on FNB’s Twitter account and/or app development team, that is. But the fintech sphere is technology too, even if you can’t purchase its products from a shiny retailer.
It makes sense to have a space where those innovations or ‘disruptions’, if we’re going to jump feet first into the most popular buzzword of the year, are created, incubated, and unleashed. Enter Rand Merchant Insurance Holdings (RMI) and Rand Merchant Bank Holdings (RMBH), who have announced the Sandton-based AlphaCode.
AlphaCode is set to be a place for entrepreneurs – in Johannesburg specifically – to get together and do things. Quick, valuable, accelerated things. The model for AlphaCode has been taken from Level 39, a London-based fintech incubator which has been responsible for new technologies in their specific fields. The South African version has, according to release materials, already signed over 50 financial services entrepreneurs so they should be following suit. And you can get in on it as well, as there’s no charge to participate.
There are several tiers of membership but you’ll only be able to apply for the Green and Gold sections at present. Green is for “…all aspiring entrepreneurs, intrapreneurs and service providers” and will net members a newsletter and access to open networking events. Gold is restricted to “…full-time founders and co-founders of financial services businesses only” and they’ll have an expanded list of benefits. This includes access to AlphaCode’s co-working offices, VIP networking events, mentorship and “…exposure to the RMI investment team and portfolio companies.” Sounds… fancy.
Above the Gold tier are two others: Platinum and Diamond. The former is for “…high-potential, broad-based black economic empowerment entrepreneurial businesses with five or fewer team members”, the latter is for “…businesses which are poised for high growth and investment from RMIH.” Both have much greater access to AlphaCode’s premises and offerings but there’s a catch. Like the Freemasons, you’ll have to be invited to membership at this level. Once you meet the qualifications, that is.