Juicyway, a payment startup using stablecoin technology, has raised a $3 million 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 through fiat and cryptocurrencies. The firm has processed $1.3 billion across 25,000 transactions and 4,000 customers in Nigeria, Canada, the USA, and the UK.
In 2023, Africa received an estimated $90.2 billion in remittances, accounting for 5.2 percent of GDP and nearly double the amount of overseas aid. With remittance fees in Africa averaging 13 percent on $200 transfers in Q4 2023, there is a clear need for cost-effective solutions.
Ife Johnson, co-founder and chief executive officer of Juicyway, said, “Africa contributes less than 1 percent 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.”
He explained that the company has achieved fast and efficient money movement with stablecoin technology.
Justin Ziegler, co-founder and 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.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
