“$1.5M Pre-Seed Raised by Cleva, an African Fintech Supported by Y Combinator and Former Stripe & AWS Members”

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Nigerian fintech Cleva, focused on creating a banking platform for African individuals and businesses to receive international payments by opening USD accounts, has raised $1.5 million in pre-seed funding. “The team is uniquely qualified to address this given their experience building banking products at Stripe and robust platforms at AWS. Both founders share a strong connection with the African market. (It’s worth highlighting that while Cleva exclusively provides USD accounts, other players offer GBP and EUR accounts.) Meanwhile, the YC-backed startup, which generates revenue when users swap and exchange their funds (in USD accounts) for the local currency (in naira for now), also charges a 0.9% fee on deposits into customers’ USD accounts.