African Stablecoin Fintech Juicyway Hits $1B Milestone In Cross-Border Transactions

The African fintech Juicyway recently announced processing more than $1 billion in transactions powered by stablecoin technology. The startup, founded and operating since 2021, also recently raised $3 million in a pre-seed round.

According to TechCrunch, Juicyway reached a recent milestone without a public app, and with little marketing, reaching large clients like Bolt and Bamboo—one of Africa’s largest stock brokerages. After 25,000 transactions from its over 4,000 users, the startup generated $1.3 billion in total payment volume.

Juicyway has been growing organically and reaching more and more clients—relying on its service and word-of-mouth referrals—and is now launching publicly.

The fintech specializes in cross-border payments and has recently expanded to the United States, making it simpler for Africans in the United States to send money to African countries starting with Nigeria.

“Our mission is to be the one platform that enables Africans of all economic strata to seamlessly participate in the global market on equal footing,” states its website.

Juicyway uses stablecoins like USDT and USDC to manage transactions instead of managing fiat currencies directly. This way they allow users to purchase, hold, or exchange cryptocurrencies and send money to other digital wallets quickly.

Ife Johnson and Justin Ziegler, Juicyway founders, are proud of their solution and expect the new U.S. expansion to help reduce barriers in the African economy.

“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,” said Johnson in an interview with TechCrunch.

Other non-US fintech have been growing and expanding as well. The Mexican fintech Stori raised $212 million in funding in August and Revolut recently got its banking license in the United Kingdom.