Juicyway Raises $3M to Transform Cross-Border Payments in Africa with Stablecoin Technology

Juicyway, a Lagos-based payment startup leveraging stablecoin technology to simplify cross-border payments for Africans, has officially emerged from stealth mode. The company also announced a $3 million pre-seed funding round led by P1 Ventures, with participation from Ventures Platform, Future Africa, Magic Fund, and prominent angel investors like Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway aims to solve Africa’s remittance challenges, including high fees, liquidity shortages, and slow settlements, by creating an efficient, cost-effective platform for individuals and businesses to send, receive, and process payments globally.

Addressing Africa’s Cross-Border Payment Challenges

Remittance fees in Africa remain among the highest globally, averaging 13% on $200 transfers as of Q4 2023. For a continent that received $90.2 billion in remittances in 2023, this inefficiency limits economic growth.

Juicyway tackles this issue by:

1. Leveraging Stablecoins: Transfers using stablecoins (crypto pegged to fiat currencies like USD) ensure lower fees and instant settlement.
2. Offering Market-Driven Rates: Its platform features a real-time pricing model where users access competitive rates based on liquidity pools.
3. Simplifying Payments: Through web, mobile apps, and APIs, Juicyway enables seamless, 24/7 execution and settlement of global payments.

Juicyway’s Features and Traction

Despite operating in stealth mode, Juicyway has already processed $1.3 billion across 25,000 transactions for 4,000 customers, including major brands like Bolt, Piggyvest, and IHS. The startup also runs Naira Rates, Nigeria’s largest price discovery engine for FX, further demonstrating its role in bridging liquidity gaps for African currencies.

Core features of the Juicyway platform include:

• Cross-Border Payments: Faster, cheaper international transfers.
• Treasury Management: Tools to manage funds efficiently.
• Spend Management: Track and control global expenses.
• Funds Repatriation: Seamless return of funds across borders.
• Payment Processing: Multicurrency accounts for businesses.

Juicyway’s growing influence is further strengthened by partnerships with institutions like Access Bank for remittance services.

Vision: Unlocking Liquidity for African Currencies

Juicyway co-founder and CEO Ife Johnson underscored the platform’s vision to address Africa’s underrepresentation in global FX markets:

“Africa contributes less than 1% to the $5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. Over the next three years, we want to become the platform where Africans can easily convert local currencies for global trade. Stablecoin technology makes this achievable.”

For COO Justin Ziegler, the goal is to build a cost-effective infrastructure that empowers African businesses and individuals to participate equally in the global economy:

“Our rapid growth reflects the demand for better payments. We eliminate the need for multiple platforms, offering a seamless solution for all financial needs.”

Backing and Strategic Team Additions

The $3 million investment will drive:

• Market Expansion: Entry into new regions across Africa and beyond.
• Technological Advancements: Enhancing platform capabilities.
• Talent Growth: Juicyway has already secured high-profile hires, including:
• Joshua Wasserman (former FDIC and Cash App compliance lead).
• Ridwan Otun (ex-Bamboo).
• Ukeoma Chukundah (ex-Klarna).

Lead investor Hisham Halbouny, Managing Partner at P1 Ventures, praised Juicyway’s innovative approach:

“By leveraging stablecoin technology, Juicyway is leapfrogging outdated systems to create an inclusive payment infrastructure that connects Africans to the global economy.”

Why Juicyway Matters in Africa’s Financial Landscape

Africa’s financial sector remains heavily reliant on outdated systems with limited liquidity for local currencies. High remittance fees and slow international transfers create significant friction for individuals and businesses trying to engage with the global economy.

Juicyway’s technology-driven platform addresses these pain points by:

• Reducing Costs: Cutting remittance fees and improving affordability.
• Increasing Access: Allowing individuals and SMEs to participate in global trade.
• Creating Liquidity: Offering real-time exchange rates for intra-African and global payments.

With remittances accounting for 5.2% of Africa’s GDP, Juicyway’s solution could unlock economic opportunities across the continent.

Conclusion

Juicyway’s emergence marks a significant milestone in Africa’s evolving fintech space. By leveraging stablecoin technology, the startup is redefining how Africans send, receive, and manage money globally. With a proven track record, strong investor backing, and a clear vision for liquidity creation, Juicyway is poised to become a key player in enabling Africa’s participation in the global financial ecosystem.