Juicyway, an African fintech specializing in stablecoin-based cross-border payments, recently emerged from stealth by announcing a $3 million seed round led by P1 Ventures. Founded in 2021 by Ife Johnson and Justin Ziegler, the startup has already processed over $1.3 billion in transactions for over 4,000 users, without a public application or significant marketing efforts.
Juicyway allows businesses and individuals to send, receive and process international payments in fiat currencies and stablecoins. Its platform offers liquidity pools for local and international currencies such as Nigerian Naira (NGN), US Dollar (USD) and British Pound Sterling (GBP), offering transparent and competitive pricing that reduces costs and speeds up settlements .
Its main clients include companies like Bolt and fintechs like Piggyvest. With the recently raised funds, Juicyway plans to expand its operations, expand its team, and strengthen its compliance infrastructure. The startup is also engaging in the acquisition of money transmission licenses to operate across Africa and globally, aiming to fill liquidity gaps in African currency markets and increase access to economic opportunities global.
The adoption of stablecoins in Africa is growing significantly, providing a stable and efficient alternative for cross-border fund transfers and payments. Startups like Juicyway play a crucial role in facilitating these transactions, reducing costs and improving financial inclusion on the continent. According to a report from FSD Kenya, stablecoin trading volume in Africa has exceeded $30 billion, accounting for 50% of the total cryptocurrency volume attributed to Africa between June 2022 and July 2023.
With a presence in 20 African countries, Juicyway is at the forefront of assisting organizations in managing foreign exchange risks through stablecoin transactions. Using stablecoins such as USDT, USDC and PYUSD, the company helps businesses manage their cash flow and associated transactions on the continent and beyond.
The emergence of Juicyway and its rapid success illustrates the potential of stablecoin-based technologies to transform cross-border payments in Africa, providing faster, cheaper and more inclusive solutions for businesses and individuals.
