Juicyway, a payment startup harnessing stablecoin technology to facilitate global money transfers, has emerged from stealth mode with the announcement of a $3 million pre-seed funding round.
The funding was led by P1 Ventures, with contributions from Ventures Platform, Future Africa, Magic Fund, and prominent investors including Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway specializes in seamless cross-border transactions, supporting fiat currencies such as the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), alongside cryptocurrency. The investment will fuel the company’s expansion, technological innovation, and entry into new markets.
The startup has recently bolstered its team with key hires, including regulatory
expert Joshua Wasserman, formerly of the U.S. FDIC, and engineering professionals Ridwan Otun and Ukeoma Chukundah.
Juicyway’s Co-Founder and CEO, Ife Johnson, highlighted Africa’s limited contribution—less than 1%—to the $5 trillion global currency market, attributing this to liquidity challenges for intra-African currency pairs.
“We aim to unlock liquidity for these pairs using stablecoin technology, making cross-border trade within and outside the continent seamless and cost-effective. Over the next three years, we want to be the platform where Nigerians, and eventually all Africans, as well as those doing business on the continent, can easily convert African currencies to local ones and back,” Johnson stated.
Juicyway’s offerings include multicurrency accounts, access to liquidity pools for competitive payments, and API integrations to streamline global financial operations. To date, the company has processed $1.3 billion across 25,000 transactions for over 4,000 customers.
With Africa recording some of the world’s highest remittance fees—averaging 13% on $200 transfers as of Q4 2023—Juicyway is addressing this challenge by leveraging stablecoin technology to enable real-time, low-cost transactions.
Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures, expressed confidence in the startup’s vision, stating, “By leveraging innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that reshapes how Africans connect with the global economy.”
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, added that Juicyway’s forward-thinking approach positions it as a transformative force in Africa’s evolving financial landscape.