P1 Ventures Backs Startup Launching Innovative Currency Exchange Platform
P1 Ventures recently announced its support for a startup that is revolutionizing currency exchange through stablecoin technology. This new platform aims to facilitate seamless global transactions for individuals and businesses.
Juicyway, the brainchild of founders Ife Johnson and Justin Ziegler, has officially emerged from stealth mode with a substantial $3M pre-seed funding round led by P1 Ventures. The investment round also saw the participation of Ventures Platform, Future Africa, Magic Fund, and notable individuals like Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
Established in 2021, Juicyway is a payment startup that leverages stablecoin technology to streamline cross-border payments and provide easy access to the global economy. The platform supports various fiat currencies, including the Nigerian Naira, US Dollar, and Canadian Dollar, in addition to cryptocurrency transactions. With the success of Naira Rates, Nigeria’s largest price discovery engine, Juicyway facilitates remittances and offers foreign exchange services through diverse payment channels. Users can benefit from multicurrency accounts and tap into a liquidity pool for both local and international payments at competitive rates.
With licenses in Nigeria, Canada, the USA, and the UK, Juicyway has facilitated over $1.3 billion across 25,000 transactions, serving 4,000 customers. The platform has gained trust from prominent brands such as Bolt, IHS, Piggyvest, and more, while also collaborating with Access Bank for remittance services.
In a region where remittance fees can be as high as 13% for $200 transfers, Juicyway is addressing the need for more cost-effective solutions. By utilizing stablecoin technology, the platform enables fast and low-cost global money transfers with 24/7 execution and settlement. Through its web and mobile applications and APIs, Juicyway simplifies money transfers and ensures market-driven pricing. By offering real-time rates based on user demand, the platform fosters a liquid ecosystem, reduces remittance costs, and empowers users to trade confidently, promoting financial inclusion.
Ife Johnson, CEO of Juicyway, expressed the company’s vision, stating, “Africa currently contributes less than 1% to the global currency market due to the lack of liquidity for intra-African currency pairs. Our goal is to become the go-to platform for seamless currency conversions within Africa and beyond. By leveraging stablecoin technology and our network model, we aim to unlock liquidity for African currency pairs that are currently underserved.”
Juicyway offers a range of payment services, including cross-border payments, funds repatriation, treasury management, payment processing, and spend management. Justin Ziegler, COO of Juicyway, emphasized the company’s commitment to building a robust cross-border infrastructure that allows Africa to participate in the global economy on equal terms.
The recent funding round will fuel Juicyway’s expansion efforts through team expansion, technological enhancements, and market entry strategies. The company has also welcomed new team members, including compliance and regulatory expert Joshua Wasserman, as well as Idris Ibrahim, Ridwan Otun, and Ukeoma Chukundah.
Hisham Halbouny, Managing Partner at P1 Ventures, expressed excitement about supporting Juicyway’s innovative approach to cross-border payments. He highlighted the company’s role in reshaping financial infrastructure and empowering emerging markets. Dr. Dotun Olowoporoku, Managing Partner at Ventures Platform, commended Juicyway for its forward-thinking solutions that enhance financial accessibility and promote seamless cross-border transfers in Africa.
In 2023, Africa received an estimated $90.2 billion in remittances, underscoring the importance of affordable and efficient money transfer solutions. Juicyway’s commitment to making money transfers faster, easier, and more cost-effective aligns with the growing demand for inclusive financial services in the region.
