Kenya personal finance App Alvin closes $740K pre-seed round

Two months after starting out, Alvin has announced a 2x oversubscribed $740,000 pre-seed financing round led by Ingressive Capital – the first investment of their new fund. Other investors in the round were PayStack CEO Shola Akinlade, Tony Nicalo (former Donde CEO), East Africa VC Zephyr Acorn, Forum Ventures, a B2B SaaS US seed fund, Future Africa, Voltron Capital, Tahseen Consulting, and other leading angel investors across Kenya and the US.

The app started by Harry, Henry, and Alvin looks to solve a problem experienced by millions of Africans. In January 2022, Alvin will take part in Forum Ventures’s W22 accelerator batch as it looks to expedite its scaling journey. The funds raised will help the company build a personal finance app for Africa in addition to hiring key personnel that will see it scale faster as it transitions from its private beta stage Alvin App v1: Labrador to the first public version later in 2022. More here.