Juicyway, a payment startup leveraging stablecoin technology, has officially launched out of stealth mode, announcing a $3M pre-seed round led by P1 Ventures.
Other investors include Ventures Platform, Future Africa, Magic Fund, and industry leaders like Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
Why it matters
With remittance fees in Africa averaging 13% for $200 transfers, Juicyway is stepping in to solve a critical challenge in global money movement. Its platform offers fast, affordable transactions with 24/7 settlement, unlocking liquidity for African currencies and enabling greater financial inclusion.
By the numbers
- $1.3B processed across 25,000 transactions.
- 4,000+ customers, including brands like Bolt, Piggyvest, and Afriex.
- Licensed in Nigeria, Canada, the USA, and the UK.
How it works
Juicyway supports both fiat (NGN, USD, CAD) and crypto transactions, offering:
- Multicurrency accounts.
- Real-time rate discovery via its price engine, Naira Rates.
- APIs for seamless integration with business workflows.
What they’re saying
- Ife Johnson, CEO: “Africa contributes less than 1% to the $5T global currency market. We aim to be the go-to platform for converting African currencies to local ones and back, unlocking liquidity where there currently is none.”
- Justin Ziegler Co-Founder and COO: “Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing.
The future
Juicyway plans to use the funds for team expansion, tech enhancements, and entry into new markets. The team has onboarded experts like Joshua Wasserman (ex-FDIC) and Idris Ibrahim as CRO.
The bottom line
With Africa receiving $90.2B in remittances in 2023, Juicyway is poised to reshape how the continent connects to the global economy, driving down costs and unlocking new opportunities for individuals and businesses alike.
