P1 Ventures supports startup launching efficient currency exchange platform using stablecoin technology, enabling individuals and businesses to fully engage in the global economy.
Juicyway, a leading payment startup using stablecoin technology to revolutionize cross-border payments and connect individuals and businesses to the global economy, has emerged from stealth mode with a $3M pre-seed round led by P1 Ventures. The round also saw 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 users to send, receive, and process payments worldwide. The platform supports multiple fiat currencies, including the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), alongside cryptocurrency transactions. As the creators of Nigeria’s largest price discovery engine, Naira Rates, Juicyway facilitates remittances and provides foreign exchange access through various payment channels. The platform offers multicurrency accounts and access to a liquidity pool for both local and international payments at competitive rates.
With licenses in Nigeria, Canada, the USA, and the UK, Juicyway has processed $1.3 billion across 25,000 transactions and serves 4,000 customers. Trusted by major brands such as Bolt, IHS, Piggyvest, Mocoh SA, Bamboo, and Afriex, Juicyway also partners with Access Bank for remittance services.
In the face of remittance fees in Africa averaging 13% on $200 transfers as of Q4 2023, Juicyway addresses the need for more affordable solutions by leveraging stablecoin technology to enable fast and low-cost global money transfers, with 24/7 execution and settlement. Through its web and mobile apps and APIs, Juicyway simplifies the movement of money while ensuring market-driven pricing. By offering real-time rates based on user demand, the platform creates a liquid ecosystem, reduces remittance costs, and empowers users to trade with confidence, promoting financial inclusion.
Ife Johnson, Co-Founder and CEO of Juicyway, comments: “Africa contributes less than 1% to the $5 trillion global currency market, partly due to the lack of liquidity for intra-African currency pairs. The old systems weren’t designed to support this. Over the next three years, we aim to be the platform where Nigerians and, eventually, all of Africa, along with those doing business on the continent, can seamlessly convert African currencies to local ones and vice versa. Our ultimate goal is to unlock liquidity for African currency pairs that currently have none. Stablecoin technology and our network model make this vision achievable by enabling fast, efficient money movement.”
Juicyway’s technology-first platform supports various payment services, including:
– Cross-border payments
– Funds repatriation
– Treasury management
– Payment processing
– Spend management
Justin Ziegler, Co-Founder and COO of Juicyway, adds, “Juicyway’s goal is to build uninterrupted, cost-effective cross-border infrastructure that enables Africa to participate in the global economy on equal footing. Our rapid growth reflects the strong demand for better global payment solutions. We’re proud to offer a service that eliminates the need for businesses and individuals to juggle multiple platforms for their financial needs. This investment marks an important milestone for our company, and we are grateful for the trust and support from our investors.”
The funds raised will support Juicyway’s expansion through team growth, technological enhancements, and entry into new markets. The round also sees the addition of Joshua Wasserman, a compliance and regulatory expert with experience at the U.S. Federal Deposit Insurance Corporation (FDIC) and Cash App, as well as new members including Idris Ibrahim (CRO), Ridwan Otun (formerly of Bamboo and Smart Pension), and Ukeoma Chukundah (ex-Klarna and Deimos).
Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures, commented: “We’re excited to partner with Ife, Justin, and Idris as they tackle one of the most significant challenges in finance. Through innovative stablecoin technology, they’re leapfrogging outdated infrastructure to create a seamless, efficient, and inclusive cross-border payment system that redefines how Africans engage with the global economy. At P1 Ventures, we support exceptional founders who are reshaping industries and empowering emerging markets, and we’re thrilled to back their journey.”
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, added: “Juicyway’s forward-thinking approach to cross-border payments positions it as a transformative force in Africa’s rapidly evolving financial landscape. By leveraging advanced technology and deep market knowledge, Ife, Justin, and their team exemplify our investment thesis of democratizing prosperity in Africa through innovation—reducing transaction costs, enhancing accessibility to financial services, and facilitating seamless cross-border transfers.”
In 2023, Africa received an estimated $90.2 billion in remittances, which accounted for 5.2% of the continent’s GDP, nearly double the amount of overseas aid. These funds are vital for millions of families and businesses, and Juicyway is committed to making money transfers faster, easier, and more affordable.
