In a recent pre-seed funding round, Nigerian fintech startup Cleva raised $1.5 million to improve cross-border payment solutions in Africa. The funding came from various investors, including FirstCheck Africa, Y Combinator, The Raba Partnership, and Byld Ventures. Cleva aims to provide US-based accounts to individuals and businesses in Africa, allowing them to receive funds in US dollars. The company is developing new products such as USD cards and savings options in US assets, and is planning a marketing campaign targeting African diasporans.
Cleva is entering a competitive remittance market in Africa, competing against platforms such as Flutterwave’s Send, Chipper Cash, Lemfi, and Afriex. The company differentiates itself through its unique customer experience and business model. Since its launch four months ago, Cleva has already processed over $1 million in monthly payments for its users. The company recognizes that the payment processing market for freelancers and remote workers in Africa is valued at around $18 billion. While Cleva has aspirations to address international payment challenges in Latin America, Asia, and Canada, it is initially focused on the African market due to its familiarity.
