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Diamond Member, Lending

Merchant Capital

Merchant Capital provides SMEs in South Africa with lump sum, unsecured, cash advances within 24-48 hours in exchange for a fixed percentage of future card revenue.

Merchant Capital is an alternative provider of working capital for SME’s. It was started in response to the high failure rate among small businesses caused by lack of funding.

Our vision is to become the leading provider of disruptive financial services products to small and medium businesses in emerging markets. Because our company was created by entrepreneurs who really understand what running a business is about, we know small businesses can’t rely on easy access to traditional options.

We also know there’s a need for trusty cash flow alternatives. And this is why we use a unique funding and payment model to provide a working capital injection for growing businesses.

Dov Girnun, Co-Founder and CEO @Dgirnun

Dov is the Co-Founder and CEO of Merchant Capital. He is also the Co-Founder of Money in Advance (“MiA”) which launched in June 2012, a UK online consumer lending business. MiA has provided over 10,000 loans since inception. Prior to this, Dov spent over 6 years with the Tau
Capital Group, a resource business for financing and developing mining exploration and development projects, where he was Vice President, Business Development. Over the past 8 years, Tau Capital raised $300m to fund various projects. Dov was also Vice President, CIC Energy Corp,
a Tau Capital Toronto Stock Exchange-listed developer of a major coal/power project, which was sold in October 2012 for $120m. Prior to this, Dov spent 5 years in the UK working as a proprietary options and derivatives trader and Senior Partner for Hamilton Court Capital, a boutique hedge fund (part of the KYTE Group) where he built up a team of 20 junior traders. Dov obtained a Bachelors of Commerce Degree (Finance and Economics) from the University of the Witwatersrand University where he graduated with Cum Laude.

Daniel Moritz, Co-Founder and CFO

Daniel is the Co-Founder and CFO of Merchant Capital. Before Merchant Capital, Daniel founded Cash Assist, an online unsecured payday lending company that provides in excess of 1,000 loans per month. Prior to this, Daniel spent 4 years in the Transaction Capital Group of companies, one
of the largest non-deposit taking financial institutions in SA. Daniel was the Financial Manager at SA Taxi Finance, a subsidiary of Transaction Capital, where he was responsible for the Loan portfolio in excess of R4 billion, as well as the Insurance portfolio. Daniel was instrumental in the restructure of the finance department following a new management takeover in 2010. Daniel was also responsible for the Mortgage Loan and Insurance portfolios at Mortgage Capital, another subsidiary of Transaction Capital. Daniel is a Chartered Accountant and received a Bachelor of Commerce Degree as well as a Bachelor of Accountancy Degree from the University of the Witwatersrand. Daniel performed articles at PKF.

Ryan Cohen, Sales and Marketing Director @RyanCohen101

Ryan joined Merchant Capital as Sales and Marketing Director in July 2013 from Wideopen Platform, a subsidiary of Primedia Unlimited. Having joined Wideopen Platform in 2003, Ryan became Sales Director and partner in 2005, overseeing the national sales team. Responsible for delivering monthly targets of over R10 million, Ryan was integral in the development and implementation of a number of market firsts in the airport, large format and digital outdoor media spaces. Ryan qualified with a Bachelor of Commerce Degree in 2001 from Rand Afrikaans University and completed a postgraduate in Marketing Strategy at The Vega School of Brand Leadership in 2002.

  • R&D
  • Partnership Creation
  • Regulatory Compliance
  • Client Acquisition
  • Loan Evaluation & Financing
  • Repayment Model
  • Customer Monitoring & Support

Early 2013 - Merchant Capital worked closely with the leading cash advance provider in the US – a company that has provided over $1.2 Billion in funding to over 20,000+ US businesses.

Late 2013 - Capricorn Capital Group invested in Merchant Capital. Capricorn Capital Group is associated with the broader Yellowwoods Group, which includes Hollard Insurance, Clientèle, Nando’s and Direct Axis.

Sep 2015 - Financial services investment group RMI Holdings acquired a 25.1% stake in the business. Some of the RMI’s underlying investments include MMI, Discovery Holdings and OUTsurance.

Connect with Merchant Capital

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Join AlphaCode

Are you ready to take your fintech business to the next level?Join the growing network of fintech disruptors shaping the future of our industry.

  • Green


    Green membership is available to aspiring financial services entrepreneurs, intrapreneurs and service providers.

    • Monthly newsletter with key industry insights, trends and news
    • Access to open networking events hosted at AlphaCode
    Join now
  • Gold


    Our gold membership is open to financial services founders and co­founders with a full-time commitment to their businesses.

    • Access to our co­-working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Acceleration and incubation support
    • Informal mentorship from the RMIH investment team
    • Exclusive applications to competitions and conferences
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities
  • Platinum


    Offered to high­ potential BBBEE businesses that have received enterprise development funding.

    • Free semi­-private office space for 6 months in Sandton
    • Business support services
    • Informal mentorship from the RMIH investment team
    • Access to exclusive networking events & hosted dinners
    • Exclusive applications to competitions and conferences
    • Acceleration and incubation support
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
  • Diamond


    Offered by invitation only to businesses which have received growth capital investment from RMIH.

    • Receive growth capital investment from RMIH
    • Access to a co-­working office space in Sandton
    • Business support services
    • Access to exclusive networking events & hosted dinners
    • Formal mentorship from the RMIH investment team
    • Exclusive applications to competitions
    • Access to AlphaCode vetted service providers
    • Exposure to commercial opportunities within and outside the portfolio companies
    • Exclusive applications to competitions and conferences

Member testimonials

  • Alpha Code is a phenomenal platform to network with next generation fintech players offering leading thought leadership events in a world class environment. Look forward to watching the ecosystem facilitate the next ‘Uber’ of Africa.

    Dov Girnum, CEO Merchant Capital

  • Starting a business is a daunting prospect, especially one that has a focus on an unproven and experimental technology. I have benefitted enormously from the support and wisdom I have received from AlphaCode during my time as a member.

    Lorien Gamaroff, CEO Bankymoon

  • Being located in the heart of Africa's biggest financial services hub, we have gained a lot of credibility through AlphaCode. Our customers trust our brand by association, which results in increased sales of cows.

    Ntuthuko Shezi, CEO Livestock Wealth

  • AlphaCode is without a doubt the premium fintech and startup community in South Africa providing many learning, growth and network opportunities and an environment which adds concrete value to us

    Schalk Nolte, Founder Entersekt

  • Slide is now well on the way to causing significant disruption in the South African fintech sector. We would not have been able to break into the South African market so rapidly without the help provided by AlphaCode.

    Alon Stern, Founder Slide

  • AlphaCode has been instrumental in providing a platform for us to access industry thought leaders, networks, working space, coaching and ultimately the opportunity to pitch to global multi-nationals and secure funding that very few startups get to land in their first year.

    Priya Mistry, Founder CommuScore

  • AlphaCode has been instrumental in the growth of our business. Through the club, we have met many like-minded entrepreneurs and businesses with whom we have formed strategic partnerships. The team is incredibly generous with their time and continue to give us invaluable mentorship and support.

    Annabel Dallamore, CEO StriderTech