Juicyway, a payment startup using stablecoin technology, has launched out of stealth mode with a $3 million pre-seed round. The funding was led by P1 Ventures and supported by Ventures Platform, Future Africa, Magic Fund, and other investors.
The company was founded in 2021 by Ife Johnson and Justin Ziegler. It enables global payments in fiat currencies and cryptocurrencies. Juicyway supports the Nigerian Naira, US Dollar, and Canadian Dollar, alongside crypto transactions.
So far, Juicyway has processed $1.3 billion in payments across 25,000 transactions for 4,000 customers. Prominent brands like Bolt, IHS, and Piggyvest trust the platform. The company is licensed in Nigeria, Canada, the USA, and the UK.
Addressing High Remittance Costs in Africa
Remittance fees in Africa average 13% for $200 transfers. Juicyway solves this by enabling fast, affordable transfers using stablecoins. Its apps and APIs provide real-time rates and lower costs.
Speaking about the funding, Ife Johnson, CEO of Juicyway, said, “Over the next three years, we want to be the platform where Nigerians, and eventually all of Africa, can easily convert African currencies to local ones and back. Stablecoin technology and our network model make this vision achievable by enabling fast and efficient money movement.”
Juicyway offers services like cross-border payments, funds repatriation, treasury management, payment processing, and spend management.
Justin Ziegler, COO of Juicyway, added, “Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing. This investment represents a milestone for our company.”
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Driving Growth with New Talent and Partnerships
The funding will expand Juicyway’s team, technology, and market reach. Compliance expert Joshua Wasserman joins to strengthen regulatory processes. Key hires include Idris Ibrahim, Ridwan Otun, and Ukeoma Chukundah for engineering roles.
Hisham Halbouny, Managing Partner at P1 Ventures, stated, “By leveraging innovative stablecoin technology, they’re creating a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy.”
In 2023, Africa received $90.2 billion in remittances. Juicyway is making money transfers easier, faster, and more affordable.