Tuesday, 17 December 2024
by BD Banks
Juicyway, a leading payment startup using stablecoin technology to transform cross-border payments connecting people and businesses to the global economy, has launched out of stealth mode and announced a $3M 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.
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 has processed $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 $200 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 web and mobile apps 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.
Speaking on the round, Ife Johnson Co-Founder and CEO of Juicyway says, “Africa contributes less than 1% to the $5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. The old systems weren’t built to support this. 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. Our ultimate goal is to unlock liquidity for African currency pairs that currently have none. Stablecoin technology and our network model make this vision achievable by enabling fast and efficient money movement. Without it, we’d still be in pursuit of this goal, but it would be far harder to achieve.”
Dedicated to building a technology-first platform, operating at both the source and destination of remittances, some of Juicyway’s payment platform features include:
Commenting on the fundraise, Justin Ziegler Co-Founder and COO of Juicyway stated, “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 of time 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. This investment represents a milestone for our company, and we are grateful for the trust and commitment from our investors”.
The funding will drive Juicyway’s growth by supporting team expansion, technological advancements, and entry into new markets. The round includes the addition of Joshua Wasserman, a compliance and regulatory expert with experience at the U.S. Federal Deposit Insurance Corporation (FDIC) and a key leader in building compliance for Cash App. Juicyway also welcomes Idris Ibrahim, CRO of Juicyway, Ridwan Otun, formerly with Bamboo and Smart Pension, and Ukeoma Chukundah, ex-Klarna and Deimos, as key members of its engineering team.
Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures who is leading the round said: “We couldn’t be more excited to partner with Ife, Justin and Idris as they 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!
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform: “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, Ife, Justin and the team exemplify 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.”
In 2023, Africa received an estimated $90.2 billion in remittances, accounting for 5.2% of GDP and nearly double the amount of overseas aid. These funds are a vital lifeline for millions of families and businesses. Juicyway is dedicated to making money transfers easier, faster, and more affordable.
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