Juicyway secures $3m in pre-seed funding to revolutionise cross-border payments

Juicyway, a Nigerian startup transforming cross-border payments, has successfully raised $3 million in pre-seed funding to expand its operations and scale its business across Nigeria, the US, the UK, and Canada. The funds will support the growth of its marketing, business development teams, and technology infrastructure.

P1 Ventures led the investment round, with contributions from Ventures Platform, Future Africa, Magic Fund, Microtraction, and notable angel investors including Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is a dynamic marketplace that enables businesses and individuals to convert local currency into foreign exchange (FX) and vice versa. The platform caters to both suppliers—businesses providing foreign currencies like USD or CAD—and buyers who need to purchase foreign currency for international transfers. Juicyway earns through transaction fees and spreads on conversions.

Ife Johnson, co-founder and CEO of Juicyway, explained, “Businesses come to us for two reasons: one, to convert local currency to US dollars for international payments, and two, to bring in foreign currency and convert it into local currency for disbursements.”

The startup’s success comes at a critical time for Nigerian businesses, where access to FX is a persistent challenge. Juicyway is positioning itself as a hybrid solution, combining decentralized finance (DeFi) and traditional finance (TradFi) to solve the country’s cross-border payment issues. Businesses on the platform can use stablecoins like Tether and USDC, along with traditional currencies such as USD and CAD, making it a versatile solution in the evolving payments landscape.