The news
- Juicyway expanded organically without a public app or marketing and serves notable clients such as Bolt, Piggyvest, and Bamboo.
- The company has secured $3 million in pre-seed funding to further its mission of increasing African participation in the global economy.
Juicyway, an African fintech that leverages stablecoin technology to enable fast and affordable cross-border payments, is launching out of stealth mode with $3 million in pre-seed funding.
The fintech claims to have processed over 25,000 transactions, generating $1.3 billion in total payment volume (TPV) from 4,000 users. According to its founders, Ife Johnson (CEO) and Justin Ziegler (COO), the fintech racked up these numbers without a publicly available app or marketing efforts.
\Instead, the fintech grew organically, relying on word-of-mouth referrals. It's now launching publicly after operating in stealth for three years. Its customer roster now includes PiggyVest, Bamboo, Afriex, Bolt, and IHS.
Juicyway's approach addresses the liquidity challenges in intra-African currency pairs, providing customers with access to liquidity pools for local and international payments through its web and mobile apps, as well as APIs.
The platform supports multiple currencies, including the Nigerian naira, USD, GBP, and CAD, and displays real-time rates based on market-driven pricing, fostering a competitive ecosystem that lowers remittance costs.
The fintech's operations are underpinned by partnerships with institutions like Access Bank in Nigeria for remittance services, stablecoin infrastructure startup Bridge for handling stablecoins, and Lead Bank in the U.S. for providing virtual dollar accounts.
To ensure compliance and manage risk, Juicyway has brought on board experts such as former FDIC bank examiner Joshua Wasserman and collaborates with Sumsub for advanced KYC and anti-fraud processes.
Juicyway's emergence aligns with a broader trend in Africa's fintech landscape, where startups are increasingly leveraging stablecoin technology to enhance cross-border payments.
The company's focus on stablecoin technology offers clear advantages in reducing costs and speeding up settlements.
Written by Omoruyi Edoigiawerie, a seasoned startup attorney with over a decade of experience. Learn more.
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With its recent funding and strategic partnerships, Juicyway is poised to further its mission of increasing African participation in the global economy, providing businesses and individuals with efficient tools to navigate the complexities of cross-border transactions.
