Nigerian fintech startup, Cleva, has secured $1.5 million in a pre-seed round led by 1984 Ventures. The funds will support the creation of USD accounts for African users to receive international payments, beginning with Nigeria.
Cleva aims to solve a global issue of enabling people worldwide to receive dollars for their work and services. Although starting in Nigeria due to its familiarity and size, the company aspires to address this challenge globally.
Tolu Alabi, one of the founders, emphasises the universal nature of the problem, stating that people in Latin America, Asia, and even Canada also require solutions for receiving international payments.
Cleva distinguishes itself by being user-friendly, allowing users to open a USD account in minutes.
The startup boasts a team with over 10 years of experience in the US banking system. The pre-seed round included participation from 1984 Ventures, The Raba Partnership, Byld Ventures, and FirstCheck Africa.
Cleva faces competition from other African startups like Payday, Geegpay, and Grey Finance, all offering similar banking solutions.
The company currently allows users to accept ACH or domestic wire payments from any US bank account and receive payments from various platforms, including Payoneer, Upwork, Deel, Fiverr, Amazon, and more.
Founded in August 2023 by Tolu Alabi and Philip Abel, former employees at Stripe and AWS, Cleva is officially registered as a Money Service Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN).
The startup claims to have processed over $1 million in monthly payments since its inception, experiencing a 100% month-on-month revenue growth.
Aaron Michael, partner at 1984 Ventures, commends the team’s unique qualifications and impressive early growth in addressing this global challenge.
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