Nigerian payments startup Juicyway has launched publicly after operating in stealth mode, announcing a successful $3 million pre-seed funding round led by P1 Ventures. Co-founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is leveraging stablecoin technology to transform cross-border payments, providing individuals and businesses with a seamless platform for global transactions.
Bridging Gaps in Global Payments
Juicyway allows users to send, receive, and process payments in fiat currencies—such as the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD)—as well as cryptocurrencies. Its payment platform offers multicurrency accounts, a liquidity pool for competitive local and international transaction rates, and services for remittances and foreign exchange (FX).
As the creators of Naira Rates, Nigeria’s largest price discovery engine, Juicyway is redefining payment solutions for African markets. Licensed in Nigeria, Canada, the USA, and the UK, the startup has processed $1.3 billion across 25,000 transactions for over 4,000 customers, including leading brands like Bolt, IHS, Piggyvest, and Afriex.
Tackling Africa’s Currency Challenges
Juicyway’s core mission is to address the lack of liquidity for intra-African currency pairs, a key factor limiting Africa’s participation in the $5 trillion global currency market.
“Africa contributes less than 1% to the global currency market because existing systems fail to support African currency liquidity,” said Ife Johnson, co-founder and CEO. “With stablecoin technology, we aim to unlock this potential, enabling fast and efficient money movement across the continent and beyond.”
The platform integrates features such as cross-border payments, funds repatriation, treasury management, and spend management, empowering businesses and individuals to manage their financial needs on a single platform.
Funding and Vision for Growth
Juicyway’s $3 million pre-seed round was backed by prominent investors, including Ventures Platform, Future Africa, Magic Fund, and Microtraction, alongside angel investors such as Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
This funding will support team expansion, technological advancements, and market entry into new regions, with the goal of becoming Africa’s go-to platform for converting local currencies and facilitating cross-border trade.
“Our mission is to build cost-effective infrastructure that enables Africa to compete in the global economy,” said Justin Ziegler, co-founder and COO. “This investment marks a milestone in our journey to create a seamless, inclusive payment system for Africa.”
Transforming Financial Connectivity
By leveraging stablecoin technology, Juicyway is leapfrogging outdated infrastructure, creating a reliable and inclusive cross-border payment solution for Africa. With plans to expand and tackle critical financial challenges, Juicyway is poised to revolutionize how Africans connect with the global economy, unlocking new opportunities for individuals and businesses alike.
