Juicyway Raises $3M to Revolutionize Cross-Border Payments in Africa

Lagos, Nigeria – December 16, 2024 – Juicyway, a cutting-edge fintech startup leveraging stablecoin technology, has announced a successful $3 million pre-seed funding round. This investment will fuel the company's mission to simplify and democratize cross-border payments, particularly within Africa, addressing the continent's unique financial challenges. The round was led by P1 Ventures, with significant participation from Ventures Platform, Future Africa, Magic Fund, and prominent angel investors including Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo. Microtraction also joined the round, further solidifying Juicyway's promising trajectory.

Tackling Africa's Cross-Border Payment Challenges

Africa's remittance market, estimated at $90.2 billion in 2023, represents a significant portion of the continent's GDP (5.2%). However, high transaction fees, averaging 13% on $200 transfers, create a substantial barrier to efficient capital flow. Juicyway aims to dismantle this barrier by offering a cost-effective and streamlined solution for individuals and businesses to send, receive, and process payments globally. The platform supports both fiat currencies (NGN, USD, CAD) and cryptocurrencies (BTC, ETH, USDT, USDC), offering unparalleled flexibility in the cross-border payment landscape.

Juicyway's Innovative Platform and Vision

Founded in 2021 by Ife Johnson (CEO) and Justin Ziegler (COO), Juicyway has already processed an impressive $1.3 billion across 25,000 transactions, serving over 4,000 customers across Nigeria, Canada, the USA, and the UK. The platform offers a suite of powerful features, including:

Multi-currency accounts: Users can seamlessly manage local and foreign currency accounts, simplifying international transactions and facilitating payments to vendors, partners, and contractors worldwide.

Real-time currency exchange: Juicyway's proprietary exchange platform allows for instant currency conversion between NGN, CAD, USD, USDT, and USDC, minimizing exposure to currency volatility and ensuring competitive exchange rates. Limit orders are also available for users seeking specific exchange rates.

Fast and secure international transfers: Juicyway offers low-fee, same-day transfers to multiple countries, with robust security measures including authorization codes, customizable transfer rules, and multi-level approvals.

Cryptocurrency trading and management: The platform supports secure trading, earning, and withdrawal of popular cryptocurrencies, integrating seamlessly with traditional fiat currency operations.

Payment links and API integrations: Juicyway provides flexible payment links for businesses to accept payments globally without needing a dedicated website. Furthermore, comprehensive API integrations allow businesses to embed global payment capabilities directly into their products.

Treasury management and funds repatriation: Juicyway empowers businesses to optimize their financial liquidity and seamlessly repatriate funds across borders, simplifying global operations.

Investor Confidence and Future Growth

Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures, expressed strong confidence in Juicyway's potential, stating their commitment to supporting founders tackling critical challenges in finance. He highlighted Juicyway's innovative use of stablecoin technology to create a more inclusive and efficient cross-border payment system. Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, echoed this sentiment, emphasizing Juicyway's strategic position to transform Africa's financial landscape.

With this new injection of capital, Juicyway plans to expand its team, further develop its technology, and expand into new markets, solidifying its position as a leader in the African fintech space. The company is actively recruiting top talent, including regulatory experts and experienced engineers, to drive its ambitious growth plans. Juicyway is poised to revolutionize how Africans participate in the global economy, fostering greater financial inclusion and unlocking unprecedented economic opportunities.

About Juicyway:

Juicyway is a fintech startup founded in 2021, dedicated to simplifying and democratizing cross-border payments. Leveraging stablecoin technology, Juicyway offers a secure and efficient platform for individuals and businesses to manage multiple currencies, exchange currencies in real-time, and send and receive payments globally.