Alvin, a Kenyan fintech startup has announced that it has raised $740,000 in a pre-seed funding round led by Ingressive Capital. The round also saw the involvement of other participants including the former CEO of Dondé, Tony Nicalo, East Africa-focused VC Zephyr Acorn, UAE-based consultancy Tahseen Consulting, CEO of Paystack Shola Akinlade amongst many others.
While the fintech app is still its private beta phase, the startup reportedly said that it is going to participate in Forum Ventures’s W22 accelerator batch in an effort to expedite its road to scale in January 2022.
“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.
We’re excited to have such mission-aligned partners and strategic angels onboard the Alvin journey to help us build an even more intuitive and powerful personal finance app for all of Africa faster and more efficiently. This capital will enable us to hire key personnel quickly and scale faster as we transition from the private beta stage of the Alvin App v1: Labrador to the first public version of Alvin later in the quarter.”
Winston Reid, CEO, Alvin