A Nigerian fintech startup, Cleva, has secured $1.5 million in pre-seed funding to support its mission of providing a banking platform for African individuals and businesses to receive international payments by opening USD accounts. The funding round was led by 1984 Ventures, with participation from The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors. The startup was also backed by Y Combinator as it joins the accelerator’s winter 2024 batch.
Key Takeaway
Cleva, a Nigerian fintech startup, has raised
.5 million in pre-seed funding to enable Africans to receive international payments by opening USD accounts. With a focus on superior customer experience and a unique business model, the startup aims to address the challenges of international payments in Africa and beyond.
Empowering Africans with International Payment Solutions
Cleva’s founders, Tolu Alabi and Philip Abel, aim to address the challenges Africans face in receiving international payments due to hyperinflation. With their experience in building banking products at Stripe and robust platforms at AWS, the team is uniquely qualified to execute their vision.
Unique Positioning and Market Opportunity
The founders’ strong connection with the African market, coupled with their technical and product experience from major tech companies, positions Cleva to solve the global problem of enabling people to receive international payments. While starting in Nigeria, the fintech aims to expand its solutions globally.
Early Success and Future Plans
Since its launch, Cleva has facilitated the opening of USD accounts for thousands of Nigerians, processing over $1 million in monthly payments with significant revenue growth. The startup differentiates itself through superior customer experience and a unique business model. It plans to introduce additional products such as USD cards and savings in U.S. assets, targeting Africans in the diaspora.