Post Image
  Juicyway, a Nigerian FinTech startup that enables cross-border multi-currency payments, has secured $3 million in pre-seed funding. It is expected to deploy this in its expansion efforts, as it seeks to strengthen its operations across Nigeria, Canada, the US, and the UK.
Read more about Business
Leading the investment in this round was P1 Ventures, a US-based, pan-African VC fund. Also involved were Ventures Platform, Future Africa, Microtraction, and Magic Fund. Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo took part as angel investors. Ife Johnson and Justin Ziegler founded Juicyway in 2021, in a bid to simplify cross-border payments and make FX more readily available to businesses. It’s a platform that’s open to suppliers and buyers; supplier businesses provide FX, and buyers obtain foreign currency for various needs. Juicyway emerged at a time in which Nigerian businesses struggled to secure FX for international transactions. Since it was established, that problem has become even more pronounced. Commercial entities are turning to it to overcome difficulties with accessing FX in the country. With Juicyway, businesses can open a US Dollar, Canadian Dollar, or cryptocurrency wallet. The cryptos on offer on its platform include Bitcoin, Ethereum, and many stablecoins. Users setting up with it can make and receive cross-border payments in any of these currencies and assets.
Sign up for the Connect Nigeria daily newsletter
The team at Juicyway says that, thus far, they have processed more than $1.3 billion in total payments. They also indicate that the startup, which has been in stealth mode since its founding, has served over 4,000 customers to date. Juicyway’s partners include banks in the United States, and it has obtained operating licenses in Nigeria, Canada, and the United Kingdom. Closer to the present, the startup added individuals to its customer base. This means that people seeking access to FX or looking to make international payments can use the platform for these purposes. Johnson (its CEO) reckons that it can cater to “one or two million people across the UK, Canada, and Nigeria.” According to Johnson, Juicyway provides a market for both remittance companies and businesses that want to make outbound payments.
Register to attend the CN Business Mixer
Hisham Halbouny, co-founder and managing partner at P1 Ventures, described Juicyway’s founders as “audacious and exceptional”, and said that P1 Ventures was excited to work with them. He expressed his belief in what he noted as their “aim to redefine industries and empower emerging markets.”
Got a suggestion? Contact us: editor@connectnigeria.com
You might also like:
This article was first published on 5th January 2025

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *