Kenyan money manager app Alvin raises $740k pre-seed funding round
Summary
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. Formed 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. 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. It features automated expense tracking for M-Pesa, and the ability to create a budget in two minutes, showing users how much they can spend on things like groceries, entertainment and rent each month based on their income and most important savings goal. 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,” Reid said.