Juicyway, a Nigerian cross-border payments startup, has secured $3 million in pre-seed funding to tackle the persistent foreign exchange (FX) challenges faced by businesses. Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway helps businesses and individuals access FX for international transactions through an innovative platform that combines decentralized finance (DeFi) and traditional finance (TradFi) elements.
The funding round was led by P1 Ventures, with participation from Ventures Platform, Future Africa, Magic Fund, Microtraction, and prominent angel investors such as Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo. The new capital will be used to enhance Juicyway’s technology, grow its marketing and business development teams, and scale operations in Nigeria, the US, the UK, and Canada.
Juicyway operates as a marketplace that connects businesses needing foreign currency with suppliers who provide it. The platform allows users to exchange currencies, such as naira for US dollars or stablecoins like Tether (USDT) and USDC, without Juicyway acting as a counterparty. This peer-to-peer model ensures businesses can set prices and order limits, enabling market-driven FX rates.
According to co-founder and CEO Ife Johnson, Juicyway solves a critical issue for businesses facing difficulties in converting local currencies to foreign currencies in a fast, cost-effective, and compliant manner. The company has processed $1.3 billion in payment volume across over 4,000 customers since its launch.
Juicyway’s services are licensed in all four of its operational markets. It holds an International Money Transfer Operator (IMTO) license in Nigeria, a Money Services Business (MSB) license in Canada, and an Authorized Payment Institution (API) license in the UK. In the US, Juicyway operates through partner banks and has received phase one payments approval in Washington, DC.
Recently, Juicyway expanded its platform to serve individuals, allowing them to make international payments or receive foreign exchange supplies. Johnson emphasized the platform's scalability, saying it can support millions of users across multiple countries.
Juicyway’s business model benefits both remittance companies and large enterprises. Remittance companies like RemitChoice use the platform to sell liquidity and make disbursements, while firms like IHS Towers leverage it for outbound payments. With plans to grow its customer base and marketing efforts, Juicyway aims to solidify its position as a key player in solving Nigeria’s FX challenges.
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