Cleva Founders' Unique Qualifications
Nigerian fintech startup Cleva has recently secured $1.5 million in pre-seed funding, with backing from the U.S. technology startup accelerator Y Combinator. The funding round was led by early-stage venture capital firm 1984 Ventures, along with participation from The Raba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors.
According to a report by Techcrunch, the funds will be utilized to develop a banking platform that facilitates international payments for both individuals and businesses. Aaron Michel, a partner at 1984 Ventures, expressed confidence in the capabilities of Tolu Alabi and Philip Abel, the founders of Cleva, given their experience in building banking products at Stripe and robust platforms at AWS.
The Nigerian fintech market is already dominated by giants like Flutterwave and Chipper Cash. However, Alabi, who is also the CEO of Cleva, remains optimistic about the startup's prospects. She believes that their unique backgrounds position them well to address the challenges of the $18 billion market not only in Nigeria but globally.
Since its launch, Cleva has already assisted thousands of Nigerians in opening U.S.-based accounts. The fintech startup currently processes over $1 million in monthly payments and has achieved a 100% month-on-month revenue growth.
In conclusion, Cleva's successful pre-seed funding round demonstrates the confidence investors have in the startup's ability to navigate the competitive fintech landscape. With their expertise and innovative approach, Cleva aims to make a significant impact in the Nigerian and global markets.
What are your thoughts on this story? Let us know in the comments section below.
Frequently Asked Questions
How Much of Your IRA Should Include Precious Metals?
You should remember that precious metals are not only for the wealthy. You don’t have to be rich to invest in them. There are many ways that you can make money with gold and silver investments, even if you don’t have much money.
You might consider purchasing physical coins, such as bullion bars and rounds. Stocks in companies that produce precious materials could be purchased. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. These metals are not stocks, but they can still provide long-term growth.
And unlike traditional investments, they tend to increase in value over time. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Can I keep physical gold in an IRA?
Not just paper money or coins, gold is money. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It’s not guaranteed that you’ll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold historically performs better than other assets during financial panics. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During turbulent market conditions gold was one of few assets that outperformed stock prices.
Gold is one of the few assets that has virtually no counterparty risks. You still have your shares even if your stock portfolio falls. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, the liquidity that gold provides is unmatched. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. The liquidity of gold makes it a good investment. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
Is gold buying a good retirement option?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The most popular form of investing in gold is through physical bullion bars. There are other ways to invest gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you are looking for cash flow from your investment, buying gold stocks will work well.
You also can put your money into exchange-traded funds (ETFs), which essentially give you exposure to the price of gold by holding gold-related securities instead of actual gold. These ETFs can include stocks of precious metals refiners and gold miners.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
