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

16 December 2024

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.

You can follow Daba's reporting on Africa on WhatsApp. Sign up here

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.

AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.