Grey vs Cleva
short answerBoth are traditional neobanks with similar positioning — the real differences are FX markup, fees, license and geography, compared field by field below.
Grey: USD/GBP/EUR accounts for African freelancers.
Cleva: YC-backed USD accounts for Africans.
Side by side
| Grey | Cleva | |
|---|---|---|
| Category | traditional | traditional |
| Audience | freelancers & creators | freelancers & creators |
| HQ | Lagos, NG | Lagos, NG |
| Founded | 2020 | 2023 |
| Custody | Custodial | Custodial |
| Regulation | VASP / MSB / crypto licenses | Partner-bank model |
| License detail | MSB registrations (FinCEN US, FINTRAC Canada); accounts via licensed banking partners | MSB registration (FinCEN); USD accounts via licensed FDIC-insured US partner banks |
| Card | MC · Virtual USD cards | Visa · Virtual USD cards |
| Cashback | — | — |
| Yield | — | — |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | Africa | Africa |
| Reported users | — | — |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.