This fintech processed $1B in payments through word-of-mouth

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The big story

How stablecoin technology can power billions in cross-border transactions

Juicyway is an African fintech that’s leveraging stablecoin technology to power fast and cheap cross-border payments. The company launched out of stealth after processing over $1 billion in transaction volume for thousands of African businesses over the last three years.

The company claims to have processed over 25,000 transactions, generating $1.3 billion in total payment volume from 4,000 users. According to its founders, Juicyway racked up these numbers with no publicly available app or marketing efforts — and instead relied heavily on word-of-mouth referrals.

One customer type for a cross-border payments platform would be a remittance business, but Juicyway is representative of a new wave of platforms powered by stablecoin technology that challenges the conventional methods across developed and emerging markets.

Dollars and cents

Mynt has raised €22 million in a round led by Vor Capital. Mynt has now raised around €50 million in total, and from what we understand, this funding values the company at roughly €200 million. 

Upvest announced a €100 million Series C round led by Hedosophia. While the company isn’t disclosing its valuation following the round, Upvest said it’s “significantly higher” than its previous one.

Peak XV and HongShan have co-led a $10 million seed investment in KAST, a dollar-denominated neobank-like platform that lets customers hold and spend stablecoins through traditional payment avenues. 

CarDekho SEA raised $60 million in equity, valuing the company at over $300 million. It’s the company’s first round of external funding, following a previous $40 million investment from parent company CarDekho Group.

Finny raised $4.2 million in a seed round co-led by Maple VC and HNVR to grow its engineering team and enhance its product that uses AI to match financial advisers with prospective clients.