September 4, 2019 IBOMLLC Team

RMI’s AlphaCode provides R23 million loans to three growing fintech startups

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

Monday, 2 September 2019: AlphaCode, Rand Merchant Investment Holdings (RMI)‘s incubation, acceleration and investment vehicle has awarded R23 million supplier development loans to three fintech startups, Zande Africa, Bright On Capital and Livestock Wealth.

Dominique Collett (pictured right), head of AlphaCode explains, “We have granted Zande and Bright On, with whom we’ve been associated for over four years, around R10 million in supplier development loans each and Livestock Wealth has been granted R2 million.

Businesses like these don’t always get the funding they require to grow from commercial funders but as part of our commitment to partner and grow financial services startups, we’ve leveraged our supplier development spending to support them.”

All businesses have exciting growth stories. Zande Africa started in 2016 with just two founders, Siya Ntutela and Mdu Thabethe. The business provides trade and merchant finance to spaza shops to enable stock purchases. It now has a turnover of R17 million with 71 staff and it is about to open a third depot in Orange Farm, south of Johannesburg, after …read more

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