In today's digital economy, talent is no longer limited by geography. A software engineer in Lagos can work for a company in London, a designer in Nairobi can serve clients in New York, and a freelancer in Accra can earn from businesses around the world.

But for many Africans, getting paid internationally has remained one of the biggest obstacles to participating in the global economy.

This is the problem that inspired 𝗖𝗟𝗘𝗩𝗔. Founded in 2023 by 𝗧𝗼𝗹𝘂 𝗔𝗹𝗮𝗯𝗶 and 𝗣𝗵𝗶𝗹𝗶𝗽 𝗔𝗱𝗮𝗺𝗮 𝗔𝗯𝗲𝗹 Cleva was created with a simple but ambitious mission: make it easy for Africans to receive, save, spend, and manage money in U.S. dollars without the friction and high costs of traditional cross-border banking.





𝗧𝗛𝗘 𝗣𝗥𝗢𝗕𝗟𝗘𝗠 𝗧𝗛𝗔𝗧 𝗦𝗣𝗔𝗥𝗞𝗘𝗗 𝗔𝗡 𝗜𝗗𝗘𝗔
Before launching Cleva, both founders had built impressive careers in global technology companies.

Tolu Alabi worked in product leadership roles at Stripe and Amazon, helping develop banking and financial products. Philip Abel built large-scale engineering infrastructure at AWS, Twilio, and Akamai Technologies.

Despite their success abroad, they remained deeply connected to Nigeria and understood the financial challenges faced by freelancers, remote workers, startups, and businesses across Africa.

International payments were often slow, expensive, and complicated. Currency depreciation further reduced the value of earnings, making it difficult for many professionals to preserve their income.

Rather than accepting these challenges as inevitable, the founders saw an opportunity to build something better.

Cleva officially launched in August 2023. Its first product offered Nigerian users access to U.S.-based dollar accounts, allowing them to receive international payments more easily. But Cleva wasn't designed to stop there.

The founders envisioned an all-in-one financial platform where users could:
- Receive USD payments from employers and clients worldwide.
- Hold savings in U.S. dollars.
- Convert currencies when needed.
- Spend online using virtual dollar cards.
- Manage international finances from one platform, etc.

Their goal was not simply to create another payment app but to build financial infrastructure that gives Africans greater access to the global economy.

One reason investors quickly noticed Cleva was the founders' unique combination of experience and personal understanding of the problem.

Having grown up in Nigeria before pursuing higher education in the United States, both founders experienced firsthand the complexities of cross-border finance.

Their professional backgrounds also complemented each other perfectly.

Tolu brought expertise in product strategy and financial services, while Philip contributed deep technical knowledge in building secure, scalable infrastructure.

Together, they combined business vision with engineering excellence.



𝗘𝗔𝗥𝗟𝗬 𝗚𝗥𝗢𝗪𝗧𝗛 𝗔𝗡𝗗 𝗜𝗡𝗩𝗘𝗦𝗧𝗢𝗥 𝗖𝗢𝗡𝗙𝗜𝗗𝗘𝗡𝗖𝗘
Cleva's progress attracted international attention almost immediately.

In January 2024, the startup announced a $1.5 million pre-seed funding round led by 1984 Ventures, with participation from Y Combinator, The Raba Partnership, Byld Ventures, FirstCheck Africa, and several angel investors.

The investment reflected confidence not only in Cleva's product but also in the founders' ability to execute their vision.

Cleva also joined Y Combinator's Winter 2024 accelerator program, placing the Nigerian fintech alongside some of the world's most promising startups.

The journey after launch required persistence. In a reflection published during Cleva's second anniversary, CEO Tolu Alabi recalled how the team spent the night before launch fixing a critical software bug. That all-night effort paid off. Customers began signing up immediately after launch, validating the problem the company set out to solve.

Over the next two years, Cleva expanded rapidly by introducing new features, including USD accounts, virtual USD cards, instant local payouts, mobile apps, customer rewards, and additional payment capabilities.

The company also established strategic partnerships with organizations such as ALX and 3MTT while strengthening its regulatory compliance.
Although Cleva is widely recognized as a fintech company, its broader mission goes beyond payments. The founders believe financial access creates opportunity. By helping Africans receive international income more efficiently and protect their earnings from currency volatility, Cleva enables freelancers, creators, entrepreneurs, startups, and businesses to compete more confidently in the global marketplace.
Their vision is a future where geography no longer limits financial opportunity.






𝗟𝗢𝗢𝗞𝗜𝗡𝗚 𝗔𝗛𝗘𝗔𝗗
Cleva continues to expand its products and geographic reach.

The company has announced plans to deepen its existing services while growing into additional African markets, including 𝗚𝗵𝗮𝗻𝗮, 𝗨𝗴𝗮𝗻𝗱𝗮, and 𝗦𝗼𝘂𝘁𝗵 𝗔𝗳𝗿𝗶𝗰𝗮.

As remote work, freelancing, and digital entrepreneurship continue to grow across the continent, Cleva aims to become a trusted financial partner for millions of users navigating the global economy.








𝗟𝗘𝗦𝗦𝗢𝗡𝗦 𝗙𝗢𝗥 𝗦𝗧𝗔𝗥𝗧𝗨𝗣 𝗙𝗢𝗨𝗡𝗗𝗘𝗥𝗦
Cleva's story offers valuable lessons for entrepreneurs:

- Solve a real problem you've experienced or deeply understand.
- Build a team with complementary strengths.
- Focus relentlessly on customer pain points.
- Start with one market, but design for global scale.
- Strong execution often matters more than having the first idea.
- Persistence during difficult moments can define a company's culture, etc




𝗜𝗡 𝗖𝗢𝗡𝗖𝗟𝗨𝗦𝗜𝗢𝗡
Cleva's journey demonstrates how meaningful innovation often begins with solving everyday frustrations.

By combining world-class product expertise, technical excellence, and a deep understanding of Africa's financial landscape, Tolu Alabi and Philip Abel have built more than a fintech startup, they are building infrastructure that helps Africans participate more fully in the global digital economy.

While Cleva is still early in its journey, its growth reflects the increasing demand for financial solutions that are simple, accessible, and truly borderless.







𝗥𝗘𝗙𝗘𝗥𝗘𝗡𝗖𝗘𝗦
- Cleva. Cleva is Two: Our Journey in Highlights. https://www.getcleva.com/blog/cleva-is-two-our-journey-in-highlights
- Y Combinator. Cleva Company Profile. https://www.ycombinator.com/companies/cleva
- TechCrunch. YC-backed African fintech Cleva, founded by Stripe and AWS alums, raises $1.5M pre-seed. January 8, 2024.
- Nairametrics. Nigerian fintech startup Cleva raises $1.5 million in pre-seed. January 8, 2024.