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Nigerian Payments Fintech Startup Cleva Secures $1.5 Million in Pre-Seed Funding

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Cleva, a Nigerian fintech startup, has successfully raised $1.5 million in pre-seed funding, with support from Y Combinator, a prominent technology startup accelerator in the United States. The funding round was led by 1984 Ventures, an early-stage venture capital firm, and included participation from The Raba Partnership, Byld Ventures, Firstcheck Africa, and a number of angel investors.

Cleva Founders: Uniquely Qualified

Tolu Alabi, the CEO of Cleva, expressed confidence in her and co-founder Philip Abel's ability to navigate the competitive fintech market, citing their backgrounds as a key advantage for the startup. Both founders have experience in building banking products at Stripe and working with robust platforms at AWS.

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Aaron Michel, a partner at 1984 Ventures, praised Alabi and Abel's leadership, stating, "The team is uniquely qualified to address this given their experience building banking products at Stripe and robust platforms at AWS. The impressive early growth is a testament to the team's unique capacity to execute across Africa and the U.S."

The Nigerian Market

In a market already dominated by fintech giants like Flutterwave and Chipper Cash, Alabi remains optimistic about Cleva's prospects. She believes that her and her co-founder's backgrounds, combined with their understanding of the Nigerian market, position them well to tackle the challenges and tap into the $18 billion market.

Alabi stated, "We're starting with Nigeria because we know the market and it's also a big market. But we feel like because of our backgrounds, we're very well positioned to solve this problem at a global scale."

Since its launch, Cleva has achieved significant progress. The fintech startup has helped thousands of Nigerians open U.S.-based accounts within just four months. Additionally, Cleva now processes over $1 million in monthly payments, experiencing a remarkable 100% month-on-month revenue growth.

What are your thoughts on this story? Let us know in the comments section below.

Frequently Asked Questions

What precious metal should I invest in?

This depends on what risk you are willing take and what kind of return you desire. Although gold has been considered a safe investment, it is not always the most lucrative. For example, if your goal is to make quick money, gold may not suit you. If patience and time are your priorities, silver is the best investment.

If you're not looking to make quick money, gold is probably your best choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.

How can you withdraw from an IRA of Precious Metals?

First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.

If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.

Next, figure out how much money will be taken out of your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.

Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.

Once these calculations have been completed you will need to open an account with a brokerage. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.

When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. You will need to weigh each one before making a decision.

Bullion bars, for example, require less space as you're not dealing with individual coins. You will need to count each coin individually. On the flip side, storing individual coins allows you to easily track their value.

Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.

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What Is a Precious Metal IRA?

You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.

Precious metals often refer to themselves as “bullion.” Bullion is the physical metal.

Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.

With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This ensures that you will receive dividends each and every year.

Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.

What are the benefits of a Gold IRA?

The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It's tax-deferred until you withdraw it. You can decide how much money you withdraw each year. There are many types of IRAs. Some are better for those who want to save money for college. Some are for investors who seek higher returns. Roth IRAs are a way for individuals to make contributions after the age of 59 1/2, and then pay taxes on any earnings upon retirement. But once they start withdrawing funds, those earnings aren't taxed again. This account may be worth considering if you are looking to retire earlier.

An IRA with a gold status is like any other IRA because you can put money into different asset classes. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. This makes gold IRA accounts excellent options for people who prefer to keep their money invested instead of spending it.

Another benefit to owning IRA gold is the ability to withdraw automatically. It means that you don’t have to remember to make deposits every month. Direct debits could be set up to ensure you don't miss a single payment.

Finally, gold is one the most secure investment options available. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil the gold price tends to remain fairly stable. This makes it a great investment option to protect your savings from inflation.

Statistics

  • Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
  • If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
  • Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
  • If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)

External Links

wsj.com

forbes.com

law.cornell.edu

cftc.gov
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