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“In order for anyone to build sustainable saving habits, they need to have sustainable spending habits. “The only personal finance apps we could find in Kenya were not optimised for the local context, offered no guidance to help us acquire the assets we wanted to save toward, and only offered the ability to save but give no daily support to help us save for goals that require consistency for long periods of time,” he said. It also includes US$100,000 from US-based B2B SaaS-focused accelerator programme by Forum Ventures after Alvin was selected to take part in its W22 batch starting this month, while a few additional American and Kenyan angels also participated.Īlvin’s CEO Winston Reid told Disrupt Africa he and his co-founders founded the startup to solve a problem they and their peers were coming across on a regular basis. Other notable investors in the round included Paystack CEO Shola Akinlade, and Tony Nicalo, the former CEO of marketing company Dondé. The round was led by Ingressive Capital, and featured Zephyr Acorn, Voltron Capital, Future Africa and Tahseen Consulting. The startup launched its flagship product, the Alvin App v1 Labrador private beta, as an intentionally soft launch while it made amendments ahead of a formal launch, and ended last year by closing an oversubscribed US$740,000 pre-seed funding round. Kenyan startup Alvin, a smart money manager app that helps people align their daily spending around savings goals, has raised a US$740,000 pre-seed funding round as it continues to hone its product, which is in the private beta phase.įormed in May of last year, Alvin is a smart money manager app that uses automated budgeting, personalised offers and applied behavioural game design strategies to help people align their daily spending around their savings goals in a sustainable way.
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