Dubai investors back Alvin to speed African expansion

0
201

With much of this funding going into fintech, VC funding has been a powerful force for accelerating financial inclusion However, much of the financial inclusion gains made in Africa have so far come from mobile money, payments, and credit rather than product segments like savings and investment Alvin, a Kenyan mobile app that uses gamified finance, automated budgeting, and location-triggered notifications to help users spend smarter, save more, and pay down debt, has secured $740,000 in pre-seed funding led by led by Ingressive Capital with participation with participation from Tahseen Consulting and leading angel investors like Paystack’s cofounder and Chief Executive Officer Shola Akinlade. Other notable investors included Zephyr Acorn, Voltron Capital, Future Africa, and strategic angels who were early investors and advisors to leading tech African and global tech companies like Stitch, Omnisient, Bamboo, Bolt, Uber, Bird, and Airbnb. The funding will be used to expand Alvin’s team, accelerate product development, and speed expansion. “Utilizing mobile phone and spending data to enable retail investors to set aside money to achieve savings goals and make smart money moves that build wealth is a growing trend in emerging digital economies. Similar to the United States in 2021, 2022 in Africa could