# Cleva

> Cleva is a USD banking platform that lets freelancers, remote workers and businesses in Africa - starting with Nigeria - open U.S. dollar accounts in their own name, receive international payments via ACH, wire, or stablecoins (USDC/USDT), and spend through a virtual dollar card. Founded in 2023 by Stripe and AWS alumni Tolu Alabi and Philip Abel, and backed by Y Combinator (W24), Cleva helps users get paid in dollars and hedge against local currency volatility.

- **Founded:** 2023
- **Headquarters:** San Francisco, California, United States (operations in Lagos, Nigeria)
- **Founders:** Tolu Alabi (Co-Founder & CEO), Philip Abel (Co-Founder & CTO)
- **Team size:** 30
- **Products:** USD Account, Stablecoin Receiving, Virtual Dollar Card, USD Savings & Interest, Currency Conversion / Payouts
- **Notable:** Selected for Y Combinator's Winter 2024 batch, Raised $1.5M pre-seed led by 1984 Ventures (Jan 2024), Opened thousands of USD accounts within four months of launch

## Products & services

- **USD Account** — A U.S. dollar bank account opened in the user's own name that accepts ACH deposits, wire transfers and international transfers. Onboarding uses BVN and government-issued ID.
- **Stablecoin Receiving** — Receive USDC or USDT directly and have it converted to USD at 1:1 for a flat $1 fee regardless of amount.
- **Virtual Dollar Card** — A virtual USD card for international subscriptions, online tools and purchases, created for a one-time fee.
- **USD Savings & Interest** — Save in dollars and earn interest, hedging against local currency volatility.
- **Currency Conversion / Payouts** — Convert USD to local currency at competitive FX rates with local-currency payouts.
- **Cleva Mobile App** — iOS and Android apps to get paid, spend, save and manage USD in one place.

## Achievements

- Selected for Y Combinator's Winter 2024 batch
- Raised $1.5M pre-seed led by 1984 Ventures (Jan 2024)
- Opened thousands of USD accounts within four months of launch
- Processed $1M+ in monthly payments with 100% month-over-month revenue growth early on
- Grew to a reported 20,000+ users
- Founding team of Stripe, AWS, Amazon, Twilio and Akamai alumni

## Latest updates

- **2024-01** — Announced $1.5M pre-seed round led by 1984 Ventures and joined Y Combinator W24.
- **2024-02** — Named among two Nigerian fintechs selected for YC's W24 batch.
- **2024-08** — Reported additional seed funding; expanded product set including virtual dollar cards and savings.
- **2025-08** — Featured in comparisons of virtual dollar cards in Nigeria; grew user base past 20,000.

## Links

- Website: https://getcleva.com
- LinkedIn: https://www.linkedin.com/company/cleva-banking
- Twitter/X: https://twitter.com/clevabanking
- Instagram: https://www.instagram.com/clevabanking
- Facebook: https://www.facebook.com/profile.php?id=61551351002083

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Profile page: https://yespress.io/cleva-yc-w24
Published by YesPress — https://yespress.io
Last updated: 2026-07-31