African fintech startup Juicyway has stepped out of stealth mode, unveiling impressive growth figures and ambitious plans for the future. The company also announced a $3 million pre-seed funding round led by P1 Ventures, with participation from Ventures Platform, Future Africa, Magic Fund, Microtraction, and a group of angel investors.
A Bold Vision Rooted in Innovation
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is redefining cross-border payments in Africa using stablecoin technology. The fintech, headquartered in Africa, aims to provide fast and affordable financial transactions across borders. Despite operating under the radar, Juicyway claims to have processed over $1.3 billion in transactions without launching any marketing campaigns or public-facing products.
Organic Growth and Strong Partnerships
Juicyway’s strategy of growing organically has paid off. With over 25,000 transactions completed, the startup boasts a user base of 4,000 businesses, including prominent names in fintech, energy, and other sectors. Some of its major partnerships include companies like Bolt, IHS, Mocoh SA, PiggyVest, Bamboo, and Afriex. This network underscores Juicyway’s ability to meet the financial needs of diverse industries.
The Stablecoin Advantage
Juicyway leverages stablecoins, such as USDC and USDT, to disrupt traditional cross-border payment systems. By purchasing stablecoins through U.S. bank accounts, businesses can bypass the inefficiencies and high costs of fiat-to-fiat currency conversions. These digital assets are sent to digital wallets, where users can either hold them or convert them into local currencies.
This approach is particularly beneficial for remittance services. Businesses can inject liquidity and set favorable exchange rates, offering more flexibility and control over financial transactions. By addressing the inefficiencies of traditional payment platforms, Juicyway is helping businesses save time and reduce costs.
Navigating Regulatory Challenges
To operate in multiple jurisdictions, Juicyway has secured money transmitter licenses in the U.S., U.K., Canada, and Nigeria. These licenses ensure compliance amid the global regulatory uncertainty surrounding cryptocurrencies and stablecoins. As Juicyway expands, it plans to obtain similar licenses in other African countries to strengthen its position as a trusted cross-border payment platform.
Revenue Streams and Future Plans
Juicyway’s business model is built on processing and payment fees, with rates ranging from 0.2% to 10% per transaction. Looking ahead, the company intends to diversify its revenue by earning interest on customer balances. These initiatives align with Juicyway’s goal of becoming the preferred platform for seamless currency conversion across Africa.
With a solid foundation and innovative technology, Juicyway is poised to revolutionize cross-border payments in Africa, empowering businesses and individuals with greater financial control and efficiency.
