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Juicyway Secures $3 Million Pre-seed Funding, Aims to Power Cross-border Payments for Africans
Juicyway Secures $3 Million Funding: Juicyway, a Nigerian startup specializing in cross-border payments, has announced a successful $3 million pre-seed funding round.
The funds will enable the company to strengthen its marketing and business development teams, enhance its technology, and scale operations in Nigeria, the United States, the United Kingdom, and Canada.
Juicyway Secures $3 Million Funding
The funding round was led by P1 Ventures, with additional backing from Ventures Platform, Future Africa, Magic Fund, and Microtraction.
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway enables seamless cross-border transactions, supporting fiat currencies such as the Nigerian Naira (NGN), US Dollar (USD), and Canadian Dollar (CAD), as well as cryptocurrency.
The company said the funding would drive its growth by supporting team expansion, technological advancements, and entry into new markets. This funding marks a significant step in addressing financial barriers and enhancing cross-border commerce.
Most recently, the startup has onboarded key hires, including regulatory expert Joshua Wasserman, formerly of the U.S. FDIC, and engineering talents like Ridwan Otun and Ukeoma Chukundah.
Also Read: M-KOPA Attains $400 Million in ARR Through Commitment to Financial Inclusion and Asset-Based Funding
Juicyway Plans For The Future
The platform serves both suppliers—businesses that provide foreign currencies such as USD or CAD—and buyers—businesses requiring foreign currencies to complete international transactions.
“Businesses use our services for two main purposes. Some need to convert local currency into US dollars to make international payments through our banking partners, while others leverage our accounts to bring foreign currency into the continent and convert it into local currency for disbursements,” explained Juicyway co-founder and CEO Ife Johnson.
Juicyway’s innovative approach addresses the persistent foreign exchange (FX) challenges faced by Nigerian businesses conducting frequent international transactions.
Ife Johnson went on to say, “We aim to unlock liquidity for these pairs using stablecoin technology, making cross-border trade within and outside the continent seamless and cost-effective.”
He further said, “Over the next three years, we want to be the platform where Nigerians and eventually the whole of Africa, and those doing business on the continent can easily convert African currencies to local ones and back.”
