Kenyan Money Manager App Alvin Raises USD 740 K Pre-Seed Funding

Kenyan startup Alvin, a smart money manager app that helps people align their daily spending around savings goals, has raised a USD 740 K pre-seed funding round as it continues to hone its product, which is in the private beta phase.

The round was led by Ingressive Capital and featured Zephyr Acorn, Voltron Capital, Future Africa, and Tahseen Consulting. Other notable investors in the round included Paystack CEO Shola Akinlade, and Tony Nicalo, the former CEO of marketing company Dondé. It also includes USD 100 K from the US-based B2B SaaS-focused accelerator program by Forum Ventures after Alvin was selected to take part in its W22 batch starting this month.

Alvin is a smart money manager app that uses automated budgeting, personalized offers, and applied behavioral game design strategies to help people align their daily spending around their savings goals in a sustainable way. The startup launched its flagship product, the Alvin App v1 Labrador public beta, as an intentionally soft launch while it made amendments ahead of a formal launch.