Africa: Juicyway Emerges From Stealth With $3m for Cross-Border Payments

16 December 2024
Daba Finance (Abidjan)

TLDR

  • African fintech startup Juicyway, specializing in stablecoin-powered cross-border payments, has raised $3 million in a pre-seed round led by P1 Ventures
  • The three-year-old startup, which previously operated in stealth, has processed over $1.3 billion in transactions from 4,000 users without a public app or marketing
  • The startup joins a wave of fintechs like Yellow Card and Conduit, which are applying stablecoin solutions to tackle Africa's underrepresentation in global currency markets

African fintech startup Juicyway, specializing in stablecoin-powered cross-border payments, has raised $3 million in a pre-seed round led by P1 Ventures. The three-year-old startup, which previously operated in stealth, has processed over $1.3 billion in transactions from 4,000 users without a public app or marketing.

Juicyway enables businesses and individuals to send, receive, and process global payments in fiat currencies and stablecoins. Its platform provides liquidity pools for local and international currencies like Nigeria's naira, USD, and GBP, offering transparent, market-driven pricing that reduces costs and speeds up settlements.

Key customers include corporates like Bolt and fintechs such as Piggyvest. The startup plans to use the funding to scale operations, expand its team, and enhance compliance infrastructure. Juicyway is also acquiring money transmitter licenses to operate across Africa and globally, aiming to bridge liquidity gaps in African currency markets and increase access to global economic opportunities.

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Key Takeaways

Juicyway's launch highlights the growing role of stablecoin technology in reshaping cross-border payments, particularly in Africa's fragmented currency markets. Unlike traditional remittance platforms, stablecoins facilitate faster and cheaper transactions by bypassing conventional fiat transfers, addressing liquidity challenges, and enabling real-time pricing. The startup joins a wave of fintechs like Yellow Card and Conduit, which are applying stablecoin solutions to tackle Africa's underrepresentation in global currency markets, which comprise less than 1% of the $5 trillion daily global forex market.

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