The platform aims to provide seamless and convenient solutions for those seeking to receive international payments through USD accounts. Cleva’s innovative approach focuses on improving banking in Africa by offering a much-needed service to the region’s growing economy. With this funding, Cleva wants to make substantial moves in its mission to enhance the banking industry in Africa.

The funding round, led by 1984 Ventures, a San Francisco-based early-stage venture capital firm, received support from notable participants, including The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors.

Aaron Michael, a partner at 1984 Ventures, commended Cleva’s founders, Tolu Alabi and Philip Abel, emphasizing the considerable opportunity their product presents in addressing hyperinflation challenges faced by Africans. 

In a recent discussion, Michael shared his belief in the team’s abilities and their potential to succeed. He highlighted their past experiences in building banking products while working at Stripe, which included developing robust platforms at AWS. 

Michael’s confidence in the team’s skills came at an opportune time, as Cleva begins its involvement in Y Combinator’s winter 2024 batch, with Y Combinator also participating in the pre-seed round. Such strong support and expertise sets Cleva in a position where it can make a strong impact in the journey towards success.

CEO Tolu Alabi highlighted the persistent challenges Africans encounter in receiving international payments, estimating the market opportunity for facilitating payments for remote workers and freelancers in Africa to be an $18 billion prospect. Alabi emphasised the global nature of the problem, asserting that people worldwide, including Latin America, Asia, and Canada, need to receive dollars for their work and services.

Cleva’s founders, both born and raised in Nigeria, bring valuable technical and product experience from their roles at major tech companies like Amazon, Stripe, AWS, and Twilio. The fintech, initially launched for Nigerians, allows users to open USD accounts with onboarding requiring a Bank Verification Number (BVN) and a government-issued ID.

Since its launch, Cleva has facilitated the opening of US-based accounts for “thousands” of Nigerians, processing over $1 million in monthly payments with a month-on-month revenue growth of 100%, according to the CEO. The fintech differentiates itself through exceptional customer experience and a unique business model, charging a capped 0.9% fee on deposits into customers’ USD accounts, in contrast to competitors’ uncapped 1% fee.

Cleva plans to diversify its revenue streams with upcoming products, including USD cards and savings in U.S. assets. CTO Philip Abel outlined the company’s expansion plans, targeting Africans in the diaspora and entering the competitive remittance category. The fintech aims to leverage its unique offerings, such as creating professional invoices and facilitating global USD transfers, in a market where platforms like Flutterwave’s Send, Chipper Cash, Lemfi, and Afriex are active.

Cleva sees sustained growth in its total addressable market, envisioning growth beyond a product-only service to becoming a platform issuing APIs, thereby expanding its services across other African countries or globally.

Truth be told, many are an inch close to giving up due to the dynamism of both technology and venture capital getting more complicated as the future approaches daily.  Interestingly, there are trailblazers ready to untangle this complication for both women and even male entrepreneurs.

Eloho Omame is one inspiring in great numbers and shaping the future. As a Partner at TLcom Capital, a seasoned technology venture capital investor, and the Co-Founder of FirstCheck Africa, a female-focused pre-seed firm, Eloho Omame stands as a unique push for those seeking to thrive in this unpredictable ecosystem.

Before we go further, it’s important to note that Eloho Omame’s journey has not been without challenges. She has faced rejection and discouragement and this can be seen in episode 8 of ‘They Said I Couldn’t’ – a docu-series by Sunlight Nigeria in collaboration with Under 40 CEOs.

Despite facing skepticism and discouragement from those she sought permission from, Eloho refused to wait for validation, forging ahead with her dreams.

Eloho Omame: Advocating for Diversity, Equity, and Inclusion

Eloho Omame is not just an investor; she embodies a fervent commitment to diversity, equity, and inclusion in Africa’s technology sphere. She is a driving force behind the success stories of numerous entrepreneurs. As a Partner at TLcom Capital, a firm managing around $250 million, she actively supports high-growth companies across Nigeria, Kenya, and Egypt, addressing some of the continent’s most pressing challenges.

FirstCheck Africa: Pioneering Female-Led Venture Capital

In 2021, Eloho co-founded FirstCheck Africa, breaking ground as one of the few female-led and female-focused technology venture capital firms in Africa. Through this initiative, she dedicates herself to nurturing the extraordinary female entrepreneurial talent across the continent, empowering them to build remarkable companies.

Shaping Africa’s Technology Ecosystem

Eloho’s influence extends beyond her investment roles. As an inaugural member of Nigeria’s Startup Consultative Forum, established under the Nigeria Startup Act in 2022, she holds a key position on the National Council for Digital Innovation and Entrepreneurship. Chaired by the President of Nigeria, General Muhammadu Buhari, this council reflects Eloho’s zeal in representing the interests of Africa’s largest technology and innovation ecosystem.

Endeavors of Eloho Omame Beyond Investment: Lagos Innovates and More

Eloho’s impact is not confined to boardrooms. From 2018 to 2021, she served as the inaugural Managing Director & CEO of Endeavor in Nigeria, creating a sought-after support network for early-growth stage entrepreneurs in West Africa. Additionally, she played an essential role in delivering “Lagos Innovates” under the Lagos State Employment Trust Fund, supporting innovation-driven enterprises and fostering job creation.

Expertise in Global Growth Equity

With a career spanning various prominent institutions, including General Atlantic and Credit Suisse, Eloho has boosted her investing efforts. As a Vice President at General Atlantic in the U.K., she sourced and led technology investments in Nigeria, Kenya, and South Africa.

Her academic achievements include an MBA from the London Business School and a BSc. in Economics from the London School of Economics and Political Science. Her leadership roles, such as being the Co-President of the London Business School Africa Club, reflect her dedication to fostering growth and mentorship.

Today Eloho will be holding a masterclass at TLcom’s Africa Tech Female Founder Summit with a focus on empowerment. In her upcoming masterclass, she aims to demystify the venture capital sector, providing valuable insights on fundraising for pre-seed and seed-stage female founders.

TLcom Capital, under Eloho’s leadership, is actively addressing the gender gap in venture capital. The firm’s TIDE Africa Fund II asserts a leadership team that is 60% female, setting a remarkable example in an industry traditionally dominated by men. TLcom’s mission extends beyond rhetoric, as evidenced by its co-investment with FirstCheck Africa to support the launch of its debut fund.

With total commitments of approximately $350 million, TLcom manages a diverse portfolio of African startups, including Andela, Ajua, Autochek, Ilara Health, Kobo360, Okra, Pastel, Pula, Seamless HR, Shara, Terragon Group, Twiga Foods, uLesson, and Vendease. The firm’s on-the-ground presence in Kenya and Nigeria, coupled with offices in the UK, positions TLcom as a key player across all stages of the venture capital cycle.

Eloho Omame’s journey from a Vice President at General Atlantic to a Partner at TLcom Capital and Co-Founder of FirstCheck Africa emphasizes her resilience, expertise, and dedication to enhancing positive change. For those seeking a female mentor for inspiration in the space of technology, venture capital, and entrepreneurship, Eloho Omame emerges as a perfect fit—an apt leader, an advocate for diversity, and a forerunner reshaping Africa’s technology sector.