Co-founders Ife Johnson and Justin Ziegler have raised millions to improve cross-border payments in Africa.
The pair is behind Juicyway, a platform that makes it easier for entrepreneurs to compensate vendors, contractors, and other parties locally or internationally and exchange currencies such as NGN, CAD, USD, USDT, and USDC, its website mentions.
Johnson, who was born and raised in Africa, saw firsthand the barriers faced when platforms such as Juicyway did not exist.
“Without access to American banking or platforms like Juicyway, as someone born and raised in Africa, I wouldn’t be able to participate in the global economy, you know, as free as I currently do,” Johnson told TechCrunch.
According to data released by Remitscope, remittance flows into Africa were $90.2 billion in 2023. Additionally, the average fee charged to remittance senders was 8.4% in the first quarter of 2024, which is considered high. Juicyway addresses these concerns by offering solutions, including funds repatriation, treasury management, spend management, and cryptocurrency exchanges for assets such as BTC, USDT, and USDC.
“Africa contributes less than 1% to the $5 trillion global currency market, partly because there’s no liquidity for intra-African currency pairs. The old systems weren’t built to support this,” Johnsons explained in a news release. “Over the next three years, we want to be the platform where Nigerians and eventually the whole of Africa, and those doing business on the continent can easily convert African currencies to local ones and back. 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 and efficient money movement. Without it, we’d still be in pursuit of this goal, but it would be far harder to achieve.”
Juicyway’s methodology appears successful, with $1.3 billion processed from 25,000 transactions and 4,000 customers. It received the support of $3 million in a pre-seed round led by P1 Ventures to further its impact, support emerging technology, and scale its team, according to a press release shared with AFROTECH™.
Additional investors include Ventures Platform, Future Africa, Magic Fund, Andrew Alli, Gbenga Oyebode, Tunde Folawiyo, Microtraction, and more.
“We couldn’t be more excited to partner with Ife, Justin, and Idris as they tackle one of the most critical challenges in finance,” said Hisham Halbouny, Co-Founder and Managing Partner at P1 Ventures, in a news release. “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. At P1 Ventures, we seek audacious and exceptional founders like them—visionaries who aim to redefine industries and empower emerging markets. We couldn’t be more excited to support their journey!”
Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, commented:
“Juicyway’s innovative and forward-thinking approach to cross-border payments strategically positions it as a transformative force in Africa’s rapidly evolving financial landscape. By leveraging cutting-edge technology and deep market knowledge, Ife, Justin, and the team exemplify our investment thesis of democratizing prosperity in Africa through innovation. This is achieved through significantly reduced transaction costs, enhanced accessibility to crucial financial services, and seamless cross-border transfer of value on the continent.”
