Juicyway, a Nigerian startup using stablecoin technology to transform cross-border payments connecting people and businesses to the global economy, has secured USD$3M (approx. NGN4.64 billion, UGX10.9 billion) in a pre-seed round led by P1 Ventures, with participation from Ventures Platform, Future Africa, Magic Fund, Andrew Alli, Gbenga Oyebode, Tunde Folawiyo, Microtraction, and others.
The funding will drive Juicyway’s growth by supporting team expansion, technological advancements, and entry into new markets.
Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures said, “We couldn’t be more excited to partner with Juicyway as they tackle one of the most critical financial challenges. By leveraging innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy.”
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform noted that 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. “By leveraging cutting-edge technology and deep market knowledge, Juicyway exemplifies our investment thesis of democratizing prosperity in Africa through innovation. This is achieved through significantly reduced transaction costs, enhanced accessibility to crucial financial services, and seamless cross-border transfer of value on the continent.”
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway enables individuals and businesses to send, receive, and process payments globally. The platform supports fiat currencies like the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), as well as cryptocurrency transactions. As the creators of Nigeria’s largest price discovery engine, Naira Rates, Juicyway facilitates remittances and provides access to FX through various payment channels. It offers multicurrency accounts and access to a liquidity pool for local and international payments at competitive rates.
Licensed in Nigeria, Canada, the USA, and the UK, Juicyway reports that it has processed USD$1.3 billion across 25,000 transactions, and 4,000 customers, Juicyway has proven its value and efficiency. Trusted by prominent brands like Bolt, IHS, Piggyvest, Mocoh SA, Bamboo, and Afriex, the company also partners with Access Bank for remittance services.
With remittance fees in Africa averaging 13% on USD$200 (approx. NGN310,000, UGX730,000) transfers in Q4 2023, there is a clear need for cost-effective solutions. Juicyway addresses this need by leveraging stablecoin technology to enable fast, affordable global money transfers with 24/7 execution and settlement.
Through its website, mobile app, and APIs, Juicyway simplifies money movement while ensuring market-driven pricing. By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financial inclusion.
Dedicated to building a technology-first platform, operating at both the source and destination of remittances, some of Juicyway’s payment platform features include cross-border payments, funds repatriation, treasury management, payment processing, and spend management.
Africa contributes less than 1% to the USD$5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. Ife Johnson, Co-Founder and CEO of Juicyway, notes, “Over the next three years, we want to be the platform where Africans can easily convert African currencies to local ones and back. Our ultimate goal is unlocking liquidity for African currency pairs with no.” He adds, “Stablecoin technology and our network model will make this vision achievable by enabling fast and efficient money movement.”
Justin Ziegler Co-Founder and COO of Juicyway stated in his remarks said Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing. “Our growth in a short period reflects the underlying demand for better global payments. We’re proud to offer a solution that eliminates the need for businesses and individuals to juggle multiple platforms to manage their financial needs.”
Ziegler said the investment represents a milestone for the company, and they are grateful for the trust and commitment of their investors.
