Cleva, a Nigerian fintech startup aiming to simplify cross-border banking for African individuals and businesses, has secured a $1.5 million pre-seed funding round. This investment, led by San Francisco-based 1984 Ventures (backed by Revv and Kyte), with participation from The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors, signifies a major vote of confidence in Cleva’s vision for the future of African finance.
Africa boasts a young and vibrant population, with a rapidly growing middle class and increasing digital adoption. However, cross-border financial transactions often remain complex and expensive, hindering the continent’s economic potential. Cleva’s platform addresses this challenge by providing individuals and businesses with a seamless way to send and receive international payments, access USD accounts, and manage their finances globally.
The Cleva Advantage
Cleva’s user-friendly platform offers several key benefits:
- Simplified international payments: Send and receive money across borders with ease, eliminating the need for intermediaries and high fees.
- USD accounts: Access US dollar accounts for holding funds, making online payments, and receiving international payments.
- Transparent fees: No hidden charges or surprises. Cleva offers transparent and competitive rates for all transactions.
- Secure platform: Built with robust security measures to protect user data and transactions.
The pre-seed funding will enable Cleva to further develop its platform, expand its user base, and establish strategic partnerships. The company plans to launch its full-fledged service in Q1 2024, focusing initially on the Nigerian market before scaling across Africa and potentially beyond.
“We are thrilled to have received this backing from such a renowned group of investors,” said [Founder Name], CEO of Cleva. “This funding will be instrumental in bringing our vision for a more inclusive and accessible financial landscape in Africa to life.”
Cleva’s success highlights the growing potential of the African fintech sector. With its innovative solutions and focus on solving real-world problems, Cleva is poised to become a major player in shaping the future of cross-border banking in Africa and beyond.