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Kenya’s fintech, Alvin, raises $740k pre-seed funding round. 1 other thing and a trivia



This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Kenya’s fintech, Alvin, closes $740k pre-seed funding round

Alvin, a Kenyan fintech startup, has closed a US$740,000 pre-seed funding round as it continues to improve its product.

The startup’s money manager app helps people align their daily spending around savings goals.

Alvin was founded in May of last year deploying 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.

Sources familiar with the venture noted that the startup launched its flagship product, the Alvin App v1 Labrador public beta, as an intentionally soft launch.

The new raiser was led by Ingressive Capital, and featured Zephyr Acorn, Voltron Capital, Future Africa and Tahseen Consulting.

Meanwhile, other notable investors in the round included Paystack CEO Shola Akinlade, and Tony Nicalo, the former CEO of marketing company Dondé.

Tech Trivia: What is the most popular domain prefix?

A web
B www
C store
D secure
Answer: See end of post

READ ALSO: Nigeria’s edtech startup Stranerd launches P2P learning platform. 1 other thing and a trivia

2. Petal secures fresh $140M as it eyes unicorn status

New York-based financial technology company, Petal, has announced securing a $140 million Series D round of funding.

The company’s new valuation is put to $800 million, a figure triple what Petal was valued at when it announced a $55 million Series C round in September of 2020.

Petal was founded in 2016 in New York to offer two Visa credit card products aimed at underserved consumers with little to no credit history.

According to the management, Petal’s goal is to help people “build credit, not debt.”

Today, Petal has raised a total of $703.4M in funding over 14 rounds.

The company’s financial record revealed that the startup is funded by 49 investors where Volery Capital Partners and Anchor Capital are the most recent investors.

Petal’s CashScore became a product of its own in 2021 as the company announced the launch of its first B2B enterprise service, Prism Data.

Trivia Answer: WWW

Stands for “World Wide Web.” It is important to know that this is not a synonym for the Internet. The World Wide Web, or just “the Web,” as ordinary people call it, is a subset of the Internet.

The Web consists of pages that can be accessed using a Web browser. The Internet is the actual network of networks where all the information resides.

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