The Nigerian Entrepreneur Tolu Alabi Secures $1.5 Million Funding for Her Startup, Cleva Banking

The Nigerian entrepreneur Tolu Alabi recently successfully led a pre-seed funding round of $1.5 million for her San Francisco-based fintech startup, Cleva Banking. This achievement in fundraising was made possible with the support of major investors such as 1984 Ventures and renowned venture capital firms including The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors. This significant capital injection comes just ten months after the establishment of Cleva Banking, underscoring investors’ confidence in the ambitious project spearheaded by Alabi.

Cleva Banking specializes in aiding African individuals and businesses by facilitating international payments reception and opening USD-denominated accounts. This strategic focus aims to address the persistent challenges faced by many Africans in receiving international funds, a problem identified by Tolu Alabi through her own experiences and extensive research in the field.

As the CEO, Tolu Alabi draws from her technical expertise gained from leading companies such as Goldman Sachs, Amazon, Stripe, AWS, and WhatsApp Inc. She has expressed her passion for enhancing the global experience through technology, highlighting the hurdles Africans encounter in receiving international payments. Alabi has shed light on the untapped potential of an estimated $18 billion market in facilitating payments for remote workers and freelancers in Africa.

This $1.5 million funding round will play a crucial role in expanding Cleva Banking beyond its current operations in Nigeria. Alabi, aware of the scale of the global challenge she’s undertaking, emphasized the company’s intent to diversify revenue sources and introduce new products, including USD cards and savings options in American assets.

While Cleva Banking initially focuses on the Nigerian market, allowing users to open USD accounts with the required Bank Verification Number (BVN) and government-issued identification, Alabi views this solution as a response to a global issue. She aspires to address this challenge on a global scale by leveraging her accumulated experience and strategic position over the years.