Cleva is two.
It all started with an all-nighter…
The Launch
The night before Cleva’s launch on August 14 2023, our team spotted a critical bug that threatened to delay everything. Just hours before go-live, missing our self-imposed deadline was not an option. Philip Adama Abel (my co-founder) and I, along with our small team of 6 people at the time, were on Google Meet well past midnight trying to fix the bug. It was hectic but we pulled through. We launched!
We went to bed, woke up hours later, and something magical had happened – our first 2, 5, 10 customers had signed up. That morning was such an amazing and unforgettable moment.
That all-nighter set the tone for the Cleva culture. Two years later, that same spirit of teamwork, grind, and collaboration remains at the heart of our culture. We believe that a small but determined team can build something impactful for millions of people. This has been our anchor, and this is what continues to define Cleva today.
The problem and opportunity
We didn’t start Cleva because we had the perfect idea. We started because the problem of currency volatility and depreciation was impossible to ignore. In 2023, the Nigerian Naira lost nearly 70% of its value. Similar tales can be told of the Kenyan Shilling, Ghanaian Cedi, and other African currencies.
Again and again, Africans lose the value of their hard-earned income because they lack easy access to stable currencies. The unintended consequence of currency volatility has been a surge in young Africans seeking opportunities to earn in USD in order to protect their income and future. We’ve also seen more African businesses exporting and selling their products to customers abroad. However, after securing a great remote job or international customer, there’s that big question of how to get paid without losing most of it to hefty fees.
This is where Cleva comes in. We’re building a solution that empowers Africa’s growing and talented young population to become first-class citizens in the global economy, and we’re only just getting started.
The Cleva Solution
With the Cleva App, freelancers, remote workers, content creators, and global entrepreneurs can create a USD account at no cost, receive USD payment for their work, spend online with their virtual card, and convert USD to local currency (as needed). Our mission is simple: to enable Africans across the world to effectively manage their money and build wealth in the currency of their choice.
Two years post-launch, Cleva has grown from a bold idea into a trusted platform serving over 500,000 customers in Nigeria alone. As founders who are inherent builders, we’ve anchored Cleva on the culture of constantly shipping for our customers. Since that all-nighter in 2023, we’ve launched USD accounts, USD cards, instant Naira payouts, our mobile app, Cleva-to-Cleva transfers, Cleva Points (a cashback program), stablecoins to fiat, and many other critical pieces of the puzzle.
From a distribution standpoint, we’ve established strategic partnerships with ALX, 3MTT, and AltSchool amongst others. We’ve also been recognized on the global stage – graduating from Y Combinator W24, featuring on a Times Square billboard, and named a Top 100 Fintech by CB Insight. We’re particularly proud of obtaining our International Money Transfer Operator (IMTO) license in Nigeria, reflecting our commitment to long-term regulatory compliance.
Thank you
As we mark our 2nd anniversary, I want to say a big thank you to our team. From Engineering to Support, Compliance, Growth, and the entire team – thank you for showing up everyday with passion and purpose. To our investors and partners, thank you for your support and trust. And to our customers: you are the reason Cleva exists! Our unwavering commitment to delivering the most delightful banking experience is what drives us every single day.
What’s next
As we enter Year 3, we’re hyper-focused on three key pillars:
- Deepening our current product and building more delightful experiences,
- Scaling to new markets starting with Ghana, Uganda, and South Africa,
- Continuous focus on compliance and transaction monitoring.
At Cleva, we believe in the power of compounding. We center everything we do on “being 1% better every day”. I’m very confident that as we become 1% better every single day, the Cleva of 2026 will be even better than the Cleva today. I’m excited for what Year 3 has in store, and I cannot wait to keep building for our customers.
Let’s get it in Year 3!
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