Cleva Founders 'Uniquely Qualified'
Nigerian fintech startup Cleva has raised $1.5 million in a pre-seed funding round backed by the U.S. technology startup accelerator Y Combinator. The early-stage venture capital firm, 1984 Ventures, led the round with the participation of The Raba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors.
According to a recent report by Techcrunch, the funds raised are expected to be used by Cleva to develop a banking platform that allows individuals and businesses to receive international payments. Aaron Michel, a partner at 1984 Ventures, expressed confidence in the startup's founders, Tolu Alabi and Philip Abel, and their ability to lead the company.
"The team is uniquely qualified to address this given their experience building banking products at Stripe and robust platforms at AWS. The impressive early growth is a testament to the team's unique capacity to execute across Africa and the U.S.," said Michel.
The Nigerian Market
Despite the presence of established fintech giants like Flutterwave and Chipper Cash in the Nigerian market, Cleva's CEO, Tolu Alabi, remains optimistic about the startup's prospects. She believes that their backgrounds and expertise position them well to capture a share of the $18 billion market.
"We're starting with Nigeria because we know the market and it's also a big market. But we feel like because of our backgrounds, we're very well positioned to solve this problem at a global scale," said Alabi.
Supporting her claim, Alabi revealed that within four months of its launch, Cleva has helped thousands of Nigerians open 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.
What are your thoughts on this story? Let us know in the comments section below.
Frequently Asked Questions
What are the pros and cons of a gold IRA?
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. This type of investment has its downsides.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. Also, the IRS may not allow you to make withdrawals from your IRA until you're 59 1/2 years old. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
Insurance is necessary if you wish to keep your money safe from the banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. You might be required to buy insurance that covers losses up to $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. Some providers limit the amount of gold that you are allowed to own. Others allow you the freedom to choose your own weight.
You'll also need to decide whether to buy physical gold or futures contracts. The price of physical gold is higher than that of gold futures. However, futures contracts give you flexibility when buying gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
You should also consider the cost of storage for your gold. Insurance won't cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians are not allowed to sell your assets. Instead, they must maintain them for as long a time as you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. You should also specify how much you want to invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will review your application and send you a confirmation letter.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners are experts at investing and can help you determine which type of IRA is best for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
Can I buy gold using my self-directed IRA
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts can be described as financial instruments that are determined by the gold price. These contracts allow you to speculate on future gold prices without actually owning it. But physical bullion refers to real gold and silver bars you can carry in your hand.
What are the benefits to having a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It's not subject to tax until you withdraw it. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better for those who want to save money for college. Some are better suited for investors who want higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. These earnings don't get taxed if they withdraw funds. This account is a good option if you plan to retire early.
A gold IRA is similar to other IRAs because it allows you to invest money in various asset classes. Unlike a regular IRA that requires you to pay taxes on the gains you make while you wait to access them, a gold IRA does not have to do this. People who want to invest their money rather than spend it make gold IRA accounts a great option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. It means that you don’t have to remember to make deposits every month. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold is one the most secure investment options available. Its value is stable because it's not tied with any one country. Even in times of economic turmoil gold prices tend to remain stable. As a result, it's often considered a good choice when protecting your savings from inflation.
How can you withdraw from an IRA of Precious Metals?
First, decide if it is possible to withdraw funds from an IRA. After that, you need to decide if you want to withdraw funds from an IRA account. Next, make sure you have enough money in order for you pay any fees or penalties.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is affected by many factors, such as the age at which you withdraw the money, the amount of time the account has been owned, and whether your plans to continue contributing to your retirement fund.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
When you finally get around to making withdrawals from your precious metal IRA, you'll need a safe place where you can store your coins. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Before you choose one, weigh the pros and cons.
Bullion bars are easier to store than individual coins. However, each coin will need to be counted individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some prefer to keep their money in a vault. Others prefer to store their coins in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (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)
- 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)
- 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
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- How do you keep your IRA Gold at Home? It's not legal – WSJ
irs.gov
finance.yahoo.com
cftc.gov
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was accepted worldwide and became popular due to its durability, purity, divisibility, uniformity, scarcity, and beauty. In addition, because of its value, it was traded internationally. Because there were no internationally recognized standards for measuring and weighing gold, the different weights of this metal could be used worldwide. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This led to a decrease of demand for foreign currencies which in turn caused their prices to rise. The price of gold dropped because the United States began to mint large quantities of gold coins. The U.S. government needed to find a solution to their debt because there was too much money in circulation. To do so, they decided to sell some of the excess gold back to Europe.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. However, many European nations stopped using gold to pay after World War I and started using paper currency instead. The price of gold has risen significantly since then. Even though the price fluctuates, gold is still one of best investments.
—————————————————————————————————————————————————————————————–
By: Terence Zimwara
Title: Nigerian Payments Fintech Startup Cleva Secures $1.5 Million in Pre-Seed Funding
Sourced From: news.bitcoin.com/nigerian-payments-fintech-startup-cleva-secures-1-5-million-in-pre-seed-funding/
Published Date: Wed, 10 Jan 2024 09:30:15 +0000
Related posts:
Egyptian Fintech Startup Zeal Secures $4 Million to Expand into New Markets
Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round
The Plunge of Nigerian Currency: Efforts Underway to Rectify Undervaluation
Report: Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira
