Alvin helps build sustainable spending habits

By : Adoni Conrad Quenum

Date : jeudi, 07 septembre 2023 10:50

The solution aims to help people build financial discipline.

Alvin App is a fintech solution developed by a Kenyan startup. It helps users efficiently manage, save, and grow their money.  

"The only personal finance apps we could find in Kenya were not optimized for the local context, they offered no guidance to help us acquire the assets we wanted to save toward, and only offered the ability to save but gave no daily support to help us save for goals that require consistency for long periods.[...] Alvin is ultimately designed to be your daily pocket companion that makes it dead simple to feel like you’re in control of your financial situation, and that every day," explains Winston Reid, CEO of Alvin.

Through the Alvin Android app (only the Android app is available for the time being), users can create their accounts and set spending and saving goals to let the app track their budgets. Alvin defines daily, weekly, and monthly spending thresholds, enabling users to track the evolution of their savings.

In addition to setting up the budget, Alvin assists the user daily by sending budget alerts. It also carries out comparative analysis based on current and past spending. The analysis aims to help users build and stick to spending habits that facilitate the achievement of predefined saving goals. 

"For anyone to build sustainable saving habits, they need to have sustainable spending habits. And doing this requires giving people more support than reminders to make deposits," says Winston Reid. 

In 2022, the startup behind the app raised $740,000 to accelerate its growth. At the time, it indicated that the app was in its private beta phase, adding that it was planning to go international. 

Adoni Conrad Quenum


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