Juicyway, a leading payment startup utilizing stablecoin technology, has recently emerged from stealth mode by announcing a significant $3 million pre-seed funding round. This groundbreaking initiative, led by P1 Ventures with support from Ventures Platform, Future Africa, Magic Fund, and other investors, aims to transform cross-border payments for African individuals and businesses, facilitating a more seamless connection to the global economy. Established in 2021 by Ife Johnson and Justin Ziegler, Juicyway is set on simplifying global transactions by supporting multiple fiat currencies and cryptocurrency transactions.
Juicyway’s Mission and Vision
Simplifying Global Transactions
Juicyway aims to streamline global transactions for both individuals and businesses by supporting a variety of fiat currencies, such as the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), in addition to cryptocurrency transactions. With a notable track record of creating Nigeria’s largest price discovery engine, Naira Rates, Juicyway is dedicated to facilitating remittances and providing foreign exchange access through multiple payment channels. Their platform offers multicurrency accounts and access to a liquidity pool for local and international payments at competitive rates, making it easier for users to engage in seamless financial transactions without the traditional hurdles associated with cross-border payments.
Addressing High Remittance Fees
The average remittance fee in Africa is around 13% for transfers of $200 as of Q4 2023, highlighting an urgent need for more cost-effective and efficient solutions. Juicyway tackles this challenge head-on by utilizing stablecoin technology, which ensures fast, affordable, and 24/7 global money transfers. By offering multicurrency accounts and enabling access to a liquidity pool, Juicyway can provide local and international payments at highly competitive rates. This approach not only reduces remittance costs but also encourages greater financial inclusion, allowing more individuals and businesses to participate in the global economy without being burdened by exorbitant fees.
Juicyway’s Platform and Technology
Core Features and Capabilities
Juicyway’s platform is designed to be accessible through web and mobile apps, as well as APIs, making it easier for users to manage their financial transactions while maintaining market-driven pricing. The core features of the platform include cross-border payments, funds repatriation, treasury management, payment processing, and spend management. By presenting real-time rates based on user demand, Juicyway fosters a liquid ecosystem that reduces remittance costs and promotes greater financial inclusion. This liquid ecosystem is crucial for ensuring that users get the most value for their money, as it provides competitive rates that are reflective of current market conditions.
Licensing and Transaction Volume
Juicyway has secured licensing in multiple jurisdictions, including Nigeria, Canada, the USA, and the UK. This extensive regulatory approval has allowed the company to process transactions worth $1.3 billion across 25,000 operations, serving approximately 4,000 customers. Prominent brands such as Bolt, IHS, Piggyvest, Mocoh SA, Bamboo, and Afriex, as well as Access Bank for remittance services, have placed their trust in Juicyway’s capabilities. The company’s impressive transaction volume and customer base demonstrate its reliability and efficiency in handling cross-border payments. As Juicyway continues to expand its operations, it is likely to attract even more high-profile clients and enhance its market presence.
Strategic Goals and Market Impact
Enhancing Liquidity for Intra-African Currency Pairs
CEO Ife Johnson emphasized that Africa’s contribution to the global $5 trillion currency market is less than 1%, primarily due to a lack of liquidity for intra-African currency pairs. Juicyway aims to become the primary platform for converting African currencies to and from local currencies, thereby unlocking liquidity for pairs that currently lack it. This vision is achievable through the use of stablecoin technology and Juicyway’s network model, which facilitate faster and more efficient money movement. By enhancing liquidity for these currency pairs, Juicyway can significantly improve the ease and cost of cross-border transactions within Africa, fostering greater economic integration across the continent.
Expanding Market Reach and Technological Advancements
The capital infusion from the funding round will be instrumental in propelling Juicyway’s growth, enabling team expansion, technological advancements, and market entry into new territories. The fundraising round also marks the inclusion of Joshua Wasserman, a compliance and regulatory expert with prior experience at the U.S. Federal Deposit Insurance Corporation (FDIC) and in building compliance frameworks for Cash App. This strategic appointment is expected to bolster Juicyway’s capabilities in navigating complex regulatory environments. Additional key team members, such as Idris Ibrahim as CRO, Ridwan Otun, and Ukeoma Chukundah, will enhance the company’s engineering and operational capabilities, driving further innovation and efficiency.
Investor Support and Strategic Partnerships
P1 Ventures’ Commitment
Leading the investment round, Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures, expressed enthusiasm for collaborating with Juicyway’s leadership team in addressing a significant financial challenge. By incorporating innovative stablecoin technology, Juicyway is bypassing outdated infrastructure to create a seamless, effective, and inclusive cross-border payment system that reshapes the connection between Africans and the global economy. Halbouny emphasized P1 Ventures’ mission to identify audacious entrepreneurs and visionaries poised to redefine industries and empower emerging markets, indicating strong support for Juicyway’s transformative journey and potential to revolutionize the financial landscape in Africa.
Ventures Platform’s Vision
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, underscored Juicyway’s strategic positioning as a transformational force within Africa’s evolving financial ecosystem. By leveraging advanced technology and deep market insights, the Juicyway team exemplifies Ventures Platform’s investment principle of democratizing prosperity in Africa through innovative solutions. The company achieves this by substantially reducing transaction costs, increasing accessibility to vital financial services, and enabling seamless cross-border value transfers across the continent. Olowoporoku’s endorsement of Juicyway highlights the startup’s potential to drive significant change and contribute to the economic empowerment of millions of Africans.
The Importance of Remittances in Africa
Economic Impact of Remittances
In 2023, Africa received an estimated $90.2 billion in remittances, which accounted for approximately 5.2% of the continent’s GDP and was nearly double the amount of overseas aid. These remittances are crucial for millions of families and businesses, playing an essential role in financial stability and economic empowerment. Juicyway is committed to making these money transfers easier, faster, and more cost-effective, and in doing so, ensuring that remittances continue to be a lifeline for those in need. By reducing the cost and increasing the efficiency of remittance services, Juicyway aims to amplify the positive impact of these funds and support the financial well-being of African communities.
Juicyway’s Role in Financial Inclusion
Juicyway, a pioneering payment startup utilizing stablecoin technology, has recently come out of stealth mode by announcing a major $3 million pre-seed funding round. This groundbreaking initiative, spearheaded by P1 Ventures with additional support from Ventures Platform, Future Africa, Magic Fund, and other investors, aims to revolutionize cross-border payments for African individuals and businesses. By doing so, Juicyway hopes to create a smoother connection to the global economy. Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is dedicated to simplifying international transactions. The company supports multiple fiat currencies as well as cryptocurrency transactions. This diverse capability allows for a more inclusive and versatile payment system, bridging gaps in financial accessibility and efficiency. With the new funding, Juicyway is set to enhance its infrastructure and expand its services, driving innovation in the financial sector and offering a more streamlined experience for users dealing with global transactions.