Cleva Founders’ Expertise
Nigerian fintech startup Cleva has raised $1.5 million in pre-seed funding, with support from tech accelerator Y Combinator. The funding round was led by venture capital firm 1984 Ventures and also saw participation from The Raba Partnership, Byld Ventures, Firstcheck Africa, and angel investors.
The funds will be used to develop a banking platform that facilitates international payments for individuals and businesses. Aaron Michel, a partner at 1984 Ventures, praised the experience of Cleva’s founders, Tolu Alabi and Philip Abel, who previously worked on banking products at Stripe and platforms at AWS.
The Nigerian Market
Cleva’s CEO, Tolu Alabi, expressed confidence in the startup’s potential in the Nigerian market, despite competition from existing fintech giants like Flutterwave and Chipper Cash. She emphasized her and Abel’s backgrounds as an advantage in tackling the $18 billion market, stating that they are well-positioned to solve the problem on a global scale.
Alabi revealed that since its launch, Cleva has helped thousands of Nigerians open U.S.-based accounts and now processes over $1 million in monthly payments. The company has experienced a 100% month-on-month revenue growth.
Hot Take: Cleva’s Unique Position
Cleva, a Nigerian fintech startup, has successfully raised $1.5 million in pre-seed funding. Backed by Y Combinator, the company plans to create a banking platform for international payments. With the experience of founders Tolu Alabi and Philip Abel, who have worked on banking products and platforms at Stripe and AWS, respectively, Cleva is well-equipped to address the market. Despite facing competition from established fintech giants, Alabi believes their backgrounds and knowledge of the Nigerian market give them an edge in capturing a share of the $18 billion industry. Cleva’s early success in helping Nigerians open U.S.-based accounts and its rapid revenue growth further solidifies its unique position in the fintech landscape.
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