Juicyway, a Nigerian cross-border payments startup, has raised $3 million in pre-seed funding to expand its operations in Nigeria, the US, the UK, and Canada. The funding round was led by P1 Ventures, with participation 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 serves as a marketplace where businesses and individuals can exchange local currencies for foreign ones, such as dollars, and make cross-border payments. The platform facilitates transactions without acting as a counterparty, using a system that matches suppliers (who bring foreign currency) with buyers (who need FX for outbound transfers).
The startup addresses a critical problem for Nigerian businesses: the lack of near-instant, affordable, and compliant access to foreign exchange. This challenge has grown amid Nigeria’s ongoing FX shortages, making Juicyway’s solution especially timely.
“Every time businesses needed to convert local currency to foreign currency, there just wasn’t a supply that was near-instant, cheap enough, or compliant enough to solve their needs,” said Ife Johnson, Juicyway’s co-founder and CEO.
Juicyway also leverages stablecoins, such as Tether (USDT) and USDC, positioning itself as a hybrid between decentralized finance (DeFi) and traditional finance (TradFi). Customers can choose to open wallets in USD, Canadian Dollars (CAD), or stablecoins, enabling seamless cross-border payments.
Since its stealth launch in late 2021, Juicyway has processed $1.3 billion in total payment volume (TPV) for over 4,000 customers. The company recently expanded its offerings to individuals, allowing them to access forex supply and make international payments.
Juicyway’s pricing system lets businesses set their own FX rates and order limits. This market-driven approach enables companies to secure favorable exchange rates while maintaining liquidity on the platform. Businesses like RemitChoice use Juicyway for liquidity and disbursements, while others, such as IHS Towers, rely on it for outbound payments.
Licensed in all its operating markets, Juicyway holds an International Money Transfer Operator (IMTO) licence in Nigeria, a Money Services Business (MSB) licence in Canada, and an Authorised Payment Institution (API) licence in the UK. In the US, the company works with partner banks and has received phase 1 payments approval in Washington, DC.
With the new funding, Juicyway plans to grow its marketing and business development teams, improve its technology, and scale its operations further. CEO Johnson envisions the platform serving millions of customers across its markets, enabling seamless and efficient money movement.
“We couldn’t be more excited to partner with Ife, Justin, and Idris as they tackle one of the most critical challenges in finance,” said Hisham Halbouny, co-founder and managing partner at P1 Ventures. “This is a platform that can handle one or two million people across the UK, Canada, and Nigeria.”
Looking ahead, Juicyway plans to raise another funding round in the next 18–24 months as it works to expand its customer base and refine its offerings.
