Cleva Founders 'Uniquely Qualified'
Nigerian fintech startup Cleva has secured $1.5 million in pre-seed funding, with support 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 funding will be utilized 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 abilities of Tolu Alabi and Philip Abel, the co-founders of Cleva.
"The team's experience in building banking products at Stripe and robust platforms at AWS uniquely qualifies them to address this challenge. The impressive early growth is a testament to their ability to execute across Africa and the U.S.," said Michel.
The Nigerian Market
Cleva's CEO, Tolu Alabi, spoke about the startup's prospects in a market that is already dominated by major fintech players like Flutterwave and Chipper Cash. Alabi emphasized that their backgrounds also contribute to their advantage as they target a share of the $18 billion market.
"We have chosen to start in Nigeria because we have a deep understanding of the market, and it is a significant market. However, due to our backgrounds, we believe we are well-positioned to solve this problem on a global scale," said Alabi.
To support her claim, Alabi revealed that within four months of its launch, Cleva has assisted thousands of Nigerians in opening U.S.-based accounts. Additionally, the fintech startup now 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 track record, Cleva aims to revolutionize the payments industry in Nigeria and beyond.
Frequently Asked Questions
How do I open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. To open the account, complete Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. You must complete this form within 60 days of opening your account. After this, you are ready to start investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process will be identical to an ordinary IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. You can't earn more than $110,000 per annum ($220,000 in married filing jointly) for any given tax year. Contributions must be made on a regular basis. These rules apply whether you're contributing through an employer or directly from your paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. But, you'll only be able to purchase physical bullion. This means you won’t be able to trade stocks and bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. This option is available from some IRA providers.
However, there are two significant drawbacks to investing in precious metals via an IRA. They aren't as liquid as bonds or stocks. It's also more difficult to sell them when they are needed. They don't yield dividends like bonds and stocks. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
What's the advantage of a Gold IRA?
There are many benefits to a gold IRA. It's an investment vehicle that allows you to diversify your portfolio. You decide how much money is put in each account and when it is withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. If you are planning to retire early, this makes it easy to transition.
The best thing is that investing in gold IRAs doesn't require any special skills. They're available at most banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
There are also drawbacks. Gold has historically been volatile. It's important to understand the reasons you're considering investing in gold. Do you want safety or growth? Is it for security or long-term planning? Only once you know, that will you be able to make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. A single ounce isn't enough to cover all of your needs. Depending on the purpose of your gold, you might need more than one ounce.
You don't need to have a lot of gold if you are selling it. Even one ounce is enough. But, those funds will not allow you to buy anything.
What are the fees for an IRA that holds gold?
An Individual Retirement Account (IRA) fee is $6 per month. This includes account maintenance fees and investment costs for your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees will vary depending upon the type of IRA chosen. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Most providers also charge annual management costs. These fees can range from 0% up to 1%. The average rate per year is.25%. These rates are often waived if a broker like TD Ameritrade is used.
Can the government take your gold
Because you have it, the government can't take it. You earned it through hard work. It belongs exclusively to you. But, this rule is not universal. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Your precious metals can also be lost if you owe tax to the IRS. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
How much should precious metals be included in your portfolio?
To answer this question we need to first define precious metals. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them valuable in investment and trading. Gold is today the most popular precious metal.
There are however many other types, including silver, and platinum. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is not affected by inflation or deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. However, they may not always move in synchrony with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors expect lower interest rate, making bonds less appealing investments.
When the economy is healthy, however, the opposite effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. They are more rare, so they become more expensive and less valuable.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
How is gold taxed within an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They may just keep it. Or, they may decide to resell the item themselves. The bottom line is that you could lose potential profit in any case.
If you plan on using your gold as collateral, then you shouldn't lend against it. It's better to keep it alone.
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)
- 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)
- 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)
External Links
finance.yahoo.com
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
cftc.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
How To
Three Ways to Invest In Gold For Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. There are many ways to invest in gold if you have a 401k account at work. You may also want to consider investing in gold outside of your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, instead, transfer cash to your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins You Should Buy – Physical gold coins should be purchased over a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. Physical gold coins are also free from storage fees.
- Diversify your Portfolio – Don't put all your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This can reduce market volatility and help you be more flexible.
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By: Terence Zimwara
Title: Nigerian Payments Fintech Startup Cleva Raises $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
