YC-backed fintech Cleva raises $1.5m in pre-seed round
TLDR
- Nigerian fintech company Cleva secures $1.5 million in pre-seed funding for its banking platform facilitating international payments in Africa.
- The funding round was led by 1984 Ventures and also includes contributions from The Raba Partnership, Byld Ventures, and others.
- Cleva's participation in Y Combinator's winter 2024 batch highlights the growing interest in African fintech initiatives.
Nigerian fintech company Cleva, specializing in developing a banking platform facilitating international payments for African individuals and businesses through USD accounts, has secured $1.5 million in pre-seed funding.
1984 Ventures, an early-stage venture capital firm based in San Francisco, spearheaded the funding round. Additional contributors to the round include The Raba Partnership, Byld Ventures, FirstCheck Africa, and various angel investors. Y Combinator, a renowned accelerator, also joined Cleva's pre-seed funding as the fintech embarks on its participation in the accelerator's winter 2024 batch.
This investment positions Cleva to advance its mission of providing seamless international payment solutions and underscores the growing interest and support for fintech initiatives in the African market.
Key Takeaways
The total addressable market for fintechs targeting freelancers and Africans in the diaspora is set for continuous expansion. This trajectory is driven by a globalized landscape, wherein a rising number of young Africans enhance their skills and contribute to meeting the growing demand for skilled professionals. Cleva has outlined plans for several upcoming products in its pipeline to broaden its revenue streams. These offerings include USD cards and savings in U.S. assets. Additionally, Cleva is gearing up to target Africans in the diaspora, positioning itself to tap into the evolving financial needs of this demographic.
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