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Nigerian Fintech Startup’s Leap Forward with $1.5 Million Pre-Seed Funding

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Significant Funding Achievement

Cleva, a burgeoning fintech startup from Nigeria, has secured $1.5 million in pre-seed funding. This significant financial boost is backed by the renowned U.S.-based startup accelerator Y Combinator. Leading the funding round was 1984 Ventures, alongside The Raba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors. This funding marks a crucial step for Cleva’s mission to enhance financial services in Nigeria and beyond.

Fostering a Global Payment Platform

The infusion of funds is earmarked for developing a sophisticated banking platform by Cleva. This platform is designed to facilitate international payments for both individual and business clients. Aaron Michel from 1984 Ventures lauded the leadership duo of Tolu Alabi and Philip Abel, emphasizing their experience with Stripe and AWS as a driving force behind Cleva’s early success. The startup’s rapid growth is a testament to its potential impact across Africa and the United States.

Competitive Edge and Future Aspirations

Despite the presence of established fintech giants in the market, CEO Tolu Alabi is optimistic about Cleva’s future. She cites her and co-founder Philip Abel’s deep market understanding and their backgrounds as vital elements for competing in the $18 billion market. Alabi also shared encouraging early results: within four months of its launch, Cleva has opened U.S.-based accounts for thousands of Nigerians, processing over $1 million in monthly payments and experiencing a remarkable 100% month-on-month revenue growth. This early success positions Cleva as a promising player in the fintech sector, ready to scale its services globally.

Jay Solano

Jay Solano

Jay is a crypto and NFT enthusiast dedicated to exploring the dynamic world of digital assets. As a crypto blog writer, he is sharing his knowledge of the latest trends, breakthroughs, and investment opportunities in the blockchain world.

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