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 funding will be instrumental in helping Cleva build a banking platform that facilitates international payments for both individuals and businesses. Leading the round was early-stage venture capital firm 1984 Ventures, with participation from The Raba Partnership, Byld Ventures, Firstcheck Africa, and several angel investors.
Tolu Alabi, the CEO of Cleva, expressed confidence in her and co-founder Philip Abel's ability to navigate the competitive fintech market. Their backgrounds, including experience building banking products at Stripe and working with robust platforms at AWS, give them a unique advantage in executing their vision across Africa and the U.S. This advantage has already translated into impressive early growth, with Cleva facilitating the opening of U.S.-based accounts for thousands of Nigerians in just four months. The startup now processes over $1 million in monthly payments and has achieved a remarkable 100% month-on-month revenue growth.
Navigating the Nigerian Market
Despite the presence of established fintech giants like Flutterwave and Chipper Cash, Alabi remains optimistic about Cleva's prospects in the Nigerian market. She believes that her team's deep understanding of the market, coupled with their diverse backgrounds, positions them well to solve the payment challenges not just in Nigeria but on a global scale. The Nigerian market alone presents a significant opportunity, with an estimated worth of $18 billion.
Alabi's confidence in Cleva's ability to stand out in the competitive fintech landscape is shared by Aaron Michel, a partner at 1984 Ventures. Michel commends the team's unique qualifications and their capacity to execute on their vision. With their experience and track record, Cleva is poised to disrupt the fintech industry and capture a share of the growing market.
As Cleva continues to expand its services and establish itself as a key player in the payments sector, the startup is well on its way to revolutionizing the way Nigerians and businesses receive international payments. With the support of its investors and the expertise of its founders, Cleva is primed for success in the ever-evolving world of fintech.
What are your thoughts on this story? Let us know in the comments section below.
Frequently Asked Questions
How much do gold IRA fees cost?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes account maintenance and any investment costs.
Diversifying your portfolio may require you to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer checking accounts for free, while others charge monthly fees for IRA account.
Most providers also charge an annual management fee. These fees are usually between 0% and 1%. The average rate is.25% annually. However, these rates are typically waived if you use a broker like TD Ameritrade.
Can I hold a gold ETF in a Roth IRA?
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
An IRA traditional allows both employees and employers to contribute. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity (IRA), is also available. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs will not be taxed
Should You Purchase Gold?
In the past, gold was considered a haven for investors during economic turmoil. Many people today are moving away from stocks and bonds to look at precious metals, such as gold, as a way to diversify their investments.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Some experts believe that this could change very soon. According to them, gold prices could soar if there is another financial crisis.
They also point out that gold is becoming popular because of its perceived value and potential return.
If you are considering investing in gold, here are some things that you need to keep in mind.
- Consider first whether you will need the money to save for retirement. It is possible to save for retirement while still investing your gold savings. The added protection that gold provides when you retire is a good option.
- Second, be sure to understand your obligations before you purchase gold. Each type offers varying levels and levels of security.
- Keep in mind that gold may not be as secure as a bank deposit. It is possible to lose your gold coins.
If you are thinking of buying gold, do your research. Protect your gold if you already have it.
Can the government take your gold
Because you have it, the government can't take it. It's yours, and you earned it by working hard. It belongs to your. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, even if taxes are not paid, gold is still your property.
What are some of the benefits of a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It's not subject to tax until you withdraw it. You have total control over how much each year you take out. There are many types of IRAs. Some are better suited to college savings. Some are better suited for investors who want higher returns. Roth IRAs are a way for individuals to make contributions after the age of 59 1/2, and then pay taxes on any earnings upon retirement. However, once they begin withdrawing funds, these earnings are not taxed again. So if you're planning to retire early, this type of account may make sense.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This means that you don't need to worry about making monthly deposits. You could also set up direct debits to never miss a payment.
Finally, gold is one of the safest investment choices available today. Because it's not tied to any particular country, its value tends to remain steady. Even in times of economic turmoil, gold prices tend not to fluctuate. This makes it a great investment option to protect your savings from inflation.
Should you Invest In Gold For Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure which option to choose, consider investing in both options.
Not only is it a safe investment but gold can also provide potential returns. Retirement investors will find gold a worthy investment.
While many investments promise fixed returns, gold is subject to fluctuations. This causes its value to fluctuate over time.
But this doesn't mean you shouldn't invest in gold. You should just factor the fluctuations into any overall portfolio.
Another advantage of gold is its tangible nature. Gold is much easier to store than bonds and stocks. It can also be carried.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. When the stock market drops, gold usually rises instead.
Gold investment has another advantage: You can sell it anytime. Like stocks, you can sell your position anytime you need cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
Also, don't buy too much at once. Start small, buying only a few ounces. Next, add more as required.
Don't expect to be rich overnight. It is to create enough wealth that you no longer have to depend on Social Security.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
How Do You Make a Withdrawal from a Precious Metal IRA?
First, determine if you would like to withdraw money directly from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
You should open a taxable brokerage account if you're willing to pay a penalty if you withdraw early. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, calculate how much money your IRA will allow you to withdraw. 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 have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow for you to withdraw funds without tax when you turn 59 1/2. Roth IRAs, on the other hand, charge income taxes upfront but you can access your earnings later and pay no additional taxes.
Once you have completed these calculations, you need to open your brokerage account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. However, you'll need to count every coin individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some prefer to store their coins in a vault. Others prefer to store them in a safe deposit box. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Statistics
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
bbb.org
irs.gov
investopedia.com
forbes.com
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. To ensure sufficient growth, it is vital that you contribute enough each year.
Additionally, tax-free opportunities like a traditional 401k or SEP IRA are available. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. These savings vehicles are great for those who don't have access or can't get employer matching funds.
Save regularly and continue to save over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
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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
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