Nigerian fintech startup Cleva has successfully secured $1.5 million in a pre-seed investment round led by San Francisco-based venture capital firm 1984 Venture, with participation from FirstCheck Africa, Y Combinator, The Raba Partnership, and Byld Ventures. The funding aims to fuel Cleva’s mission of enhancing international payment solutions across Africa. The startup, founded in 2023 by CEO Tolu Alabi and CTO Philip Abel, is focused on providing US-based accounts to individuals and businesses in Africa, allowing them to receive funds in U.S. dollars.

Broadening Revenue Sources and Product Offerings

Cleva plans to utilize the fresh capital to introduce new products, such as USD cards and savings opportunities in U.S. assets, as part of its strategy to diversify revenue streams. The company is gearing up for an upcoming marketing campaign targeting the African diaspora.

The fintech firm sets itself apart by exclusively concentrating on USD accounts, distinguishing it from competitors like Geegpay, which provides GBP and EUR accounts in addition to USD. To open a USD account with Cleva, users are required to provide their Bank Verification Number (BVN) and a government-issued I.D.

Expansion of Digital Product Portfolio

In addition to its current offerings, Cleva is expanding its digital product portfolio to include USD cards and explore opportunities in API issuance. The startup’s commitment to innovation and its targeted approach to catering to the African market’s specific needs position it for further growth in the evolving fintech landscape.

The funding secured in this pre-seed round not only validates Cleva’s potential but also provides the necessary resources to execute its vision of facilitating seamless international transactions for individuals and businesses in Africa. The collaboration with prominent investors signifies confidence in Cleva’s ability to make a significant impact on the fintech landscape in the region. As the company continues to develop new products and expand its market reach, it stands poised to play a key role in shaping the future of financial services in Africa.

By Admin

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