AlphaCode, a collaborative hub for next generation financial services entrepreneurs, has launched in Sandton, Johannesburg, looking to provide a platform for members to engage and work alongside experienced entrepreneurs, technology investors and industry experts, resulting in accelerated growth and access to market.

AlphaCode hosts an office space and clubhouse for entrepreneurs, an active online community and regular networking opportunities, and is modelled on the Level 39 fintech development hub in London.

The hub, which has already signed up more than 50 diverse, rapidly-growing financial services entrepreneurs, is powered by Rand Merchant Insurance Holdings (RMI) and Rand Merchant Bank Holdings (RMBH), strategic active managers of a ZAR759 billion (US$45.7 billion) financial services portfolio that includes FirstRand, Discovery, OUTsurance, MMI Holdings, Merchant Capital and RMB Structured Insurance.

“RMIH’s investment in this development gives a clear indication of the future direction of financial services. The fintech business models of the future are agile, disruptive ventures, often started by emerging entrepreneurs,” said RMI senior investment executive Dominique Collett.

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

Head of ecosystem development and management at AlphaCode Chipo Mushwana said African fintech businesses have provided some of the most exciting developments in global financial services in recent history, and the new hub would help to grow promising, impactful businesses.

There is no charge to belong to AlphaCode, which is fully funded by RMI. There are four membership tiers, ranging 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. Fintech entrepreneurs wishing to join can apply here.