Announcing the closing of our pre-seed round

min read
Published on
January 5, 2022
Team Alvin
Announcing the closing of our pre-seed roundAnnouncing the closing of our pre-seed round

Alvin is the smart money manager app for Africa that helps people align their daily spending with their savings goals.

A note from Winston

Harry, Henry and I started Alvin in May of last year to solve a personal problem we realized millions of people across Africa are also having: an increasing number of people across Africa have the income needed to save to buy land, a car, and other assets that would generate wealth for themselves and their families, but buying these assets in cash (the preference for many folks) requires consistent saving for long periods of time. Many folks struggle to save long enough because it is still too difficult to know where one’s money is going (making it easier for a person to overspend), and hardly enough guidance readily available on how to get from wherever you are today to where you need to be in order to buy that plot of land, or that first car/etc., debt free. We believe anyone should be able to download an app then instantly see their roadmap toward their savings goals. We’re building Alvin to now make it that simple. For everyone.

Just six months after getting started, we’re proud to announce the nearly 2x oversubscribed closing of our pre-seed financing round, led by Nigerian venture capital firm Ingressive Capital. This was the first investment of their new fund.

The Alvin Family has grown

In addition to Ingressive Capital, we are welcoming the CEO of Paystack (acq. by Stripe) Shola Akinlade, the former CEO of Dondé (acq. by Mobify) 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 to the Alvin family. Angel investors from Kenya and the United States also participated in the round. In January 2022, we will also be participating in Forum Ventures’s W22 accelerator batch to help us expedite our road to scale.

We’re excited to have such mission-aligned partners and strategic angels onboard the Alvin journey to help us build an ever 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. (Join the waitlist today for the Alvin App v1 here!) We’re starting off building Alvin as a personal finance app for consumers, but we’re building it in such a way where existing wealth management firms can embed Alvin’s most unique features into their own apps to help their clients save/invest more consistently and withdraw prematurely from their accounts less frequently.

Here’s to the continuation of our journey to help folks across the continent align their daily spending with their financial goals. We’re only just getting started.

-Winston Reid
Founder & CEO at Alvin

Build the future with us

Does the prospect of working in a fast-paced environment to build the most powerful personal finance app in Africa sound intriguing to you? Check out our available positions here and drop us a line at to start the conversation! We’re excited to meet you.

Stay posted ahead of our seed round

We will be starting a prospective investor newsletter for value-add investors who could be strategic for our seed round.

Email our CEO Winston Reid at to request access. We’re excited by the prospect of inviting you onboard the journey.