Juicyway, a payment startup leveraging stablecoin technology to streamline global money transfers, has officially launched out of stealth mode, announcing a $3 million pre-seed funding round.
The round was led by P1 Ventures with participation from Ventures Platform, Future Africa, Magic Fund, and notable investors like Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway enables seamless cross-border transactions, supporting fiat currencies such as the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), as well as cryptocurrency.
The company said the funding would drive its growth by supporting team expansion, technological advancements, and entry into new markets.
Most recently, the startup has onboarded key hires, including regulatory expert Joshua Wasserman, formerly of the U.S. FDIC, and engineering talents like Ridwan Otun and Ukeoma Chukundah.
Africa in the global currency market
According to Co-Founder and CEO, Ife Johnson, Africa contributes less than 1% to the $5 trillion global currency market, largely due to liquidity challenges for intra-African currency pairs.
“We aim to unlock liquidity for these pairs using stablecoin technology, making cross-border trade within and outside the continent seamless and cost-effective.
“Over the next three years, we want to be the platform where Nigerians and eventually the whole of Africa, and those doing business on the continent can easily convert African currencies to local ones and back,” he said.
- Juicyway’s flagship offerings include multicurrency accounts, access to liquidity pools for competitive local and international payments, and integration with APIs to simplify global financial operations.
- So far, the company has processed $1.3 billion across 25,000 transactions for over 4,000 customers.
- Africa has some of the highest remittance fees globally, averaging 13% on $200 transfers as of Q4 2023.
Juicyway said it is addressing this challenge by leveraging stablecoin technology to ensure real-time, low-cost transactions.
Why they invest
Commenting on the funding round, Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures who is leading the round said they supported the founders to tackle one of the most critical challenges in finance.
“By leveraging innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy.
“At P1 Ventures, we seek audacious and exceptional founders like them—visionaries who aim to redefine industries and empower emerging markets. We couldn’t be more excited to support their journey,” Halbouny said.
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform said Juicyway’s innovative and forward-thinking approach to cross-border payments strategically positions it as a transformative force in Africa’s rapidly evolving financial landscape.
What you should know
Juicyway operates in a competitive yet burgeoning sector. Other African startups tackling cross-border payment challenges include Chipper Cash, Flutterwave, Afriex, among several others.
In 2023, Africa received an estimated $90.2 billion in remittances, accounting for 5.2% of GDP.
With platforms like Juicyway, Chipper Cash, and Flutterwave driving innovation, Africa’s financial ecosystem is poised for a transformation that could unlock unprecedented economic opportunities for millions.
