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?
Answer: See end of post
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURES: Rise in Monkeypox infection troubling Nigeria’s rural population
In this features, KELECHUKWU IRUOMA goes into the rural communities of Bayelsa State, south-south Nigeria to uncover the plight of...
SPECIAL REPORT: Kwara communities groan as erosion washes away roads, property
For a number of years communities in Ilorin South LGA of Kwara State have had to live with the menace...
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...