Alvin, a smart spend management software that helps users align their daily spending around savings goals, has secured a pre-seed fundraising round of $740,000 in Kenya as it continues to refine its product, which is now in private beta.
Ingressive Capital led the round, which also included Zephyr Acorn, Voltron Capital, Future Africa, and Tahseen Consulting. Paystack CEO Shola Akinlade and Tony Nicalo, the former CEO of marketing firm Dondé, were among the other significant investors in the round. It also includes US$100,000 from Forum Ventures, a US-based B2B SaaS-focused accelerator program, after Alvin was selected to participate in its W22 batch, which begins this month, as well as a few additional American and Kenyan angels.
A Look At What Alvin Does
Alvin is a smart money management software that uses automated budgeting, personalized offers, and applied behavioural game design principles to help users align their daily spending around their savings goals in a sustainable way. It was founded in May of last year.
“Labrador,” the initial edition of the Alvin app, is currently in private testing. It includes M-Pesa cost tracking and the ability to construct a budget in two minutes, showing users how much they can spend each month on things like groceries, entertainment, and rent depending on their income and most important savings goal.
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“Next, we will be adding card transaction tracking for Kenyan banks and the ability to contribute to a high interest yield savings account without having to leave the Alvin app. Alvin is ultimately designed to be your daily pocket companion that makes it dead simple to feel like you’re in control of your financial situation, and that every day you’re on a clear path toward buying that plot of land, or that house,” Alvin’s CEO Winston Reid said.
The Alvin app will be available to the public in Kenya in the coming months, but the business has already set its sights on the rest of the world.
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“With powerhouses Ingressive Capital, Shola Akinlade, Voltron Capital and Future Africa onboard, we have immediate plans to expand to Nigeria in the latter half of 2022,” Reid said.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer