Fintech Startup Alvin Raises $740K To Help Users Align Savings With Their Finances
Kenyan-based Fintech startup Alvin, which allows users to manage their savings in accordance with their finances raises the US $740,000 pre-seed funding. The product is in the private beta phase.
Rising innovations like digitized money, paper lending, eCommerce platforms coupled with mobile wallets. And the rise in the use of smartphones has paved the way for the exponential growth of FinTech transactions. This has given rise to the fintech mobile app and software. According to an estimate, the fintech market will expand by $324 billion by 2026.
And Africa is going to occupy the major chunk in this growth as according to an estimate the African fintech market will be worth $24 billion by 2025. Fintechs are providing people with innovative solutions and one such startup is Alvin which is right now is in its beta phase. But plans to provide users with the opportunity to save their finances and plan their savings.
The startup has raised $740,000 in a pre-seed funding round led by Nigerian venture capital firm, and Ingressive Capital. Other participants present in the funding are Shola Akinlade the CEO of Paystack, the former CEO of Dondé Tony Nicalo, East Africa-focused VC Zephyr Acorn, the B2B SaaS-focused US seed fund Forum Ventures, leading African VCs Future Africa and Voltron Capital, and UAE-based consultancy Tahseen Consulting. Angel investors from Kenya and the United States also participated in the round.
Formed in May last year, the money manager app uses automated budgeting, personalized offers. In addition to this, contains behavioral game design strategies to aid people in designing their daily spending in relation to their saving goals to support sustainable growth. It also features automated expense tracking for M-Pesa, and the ability to construct a budget in just two minutes showing users how much they can spend on various things.
The startup plans to use this new investment to expand its team and scale its operations in different regions of Africa. Like it aims to expand Nigeria in the latter of 2022.
Alvin’s CEO Winston Reid speaking to Disrupt Africa Reid said that he and his co-founders founded the startup.
“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.”
Story Credits: Disrupt Africa