Table of Contents
Key Points
- Juicyway raises $3 million in pre-seed funding to expand operations across Nigeria, the United States, UK, and Canada.
- The startup addresses FX challenges for businesses with a hybrid DeFi and TradFi platform.
- Co-founded in 2021, Juicyway enables efficient currency conversions for international transfers.
Juicyway, a fintech startup co-founded in 2021 by Ife Johnson and Justin Ziegler, has raised $3 million in pre-seed funding to enhance its cross-border payment solutions and expand operations across Nigeria, the United States, the United Kingdom, and Canada.
Led by P1 Ventures, the funding round also included contributions from Ventures Platform, Future Africa, Magic Fund, and Microtraction, along with notable angel investors such as Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
The funds will support Juicyway’s growth in marketing, business development, and technology, bolstering its hybrid cross-border payment solution. This solution addresses Nigeria's persistent foreign exchange challenges by enabling seamless currency exchange between local and foreign currencies, including the US dollar and Canadian dollar.
Streamlining FX solutions for Nigerian businesses
CEO Ife Johnson explained Juicyway’s role in solving foreign exchange issues:
“Businesses rely on Juicyway to convert local currency into US dollars for international payments or to bring in foreign currency for local disbursements.”
Juicyway generates revenue through transaction fees and conversion spreads, providing a sustainable financial model. The platform combines decentralized finance (DeFi) and traditional finance (TradFi) to create a versatile payment system. Businesses can use stablecoins like Tether (USDT) and USDC alongside traditional currencies, offering a flexible and efficient solution for international transactions.
Filling a gap in the cross-border payment market
Juicyway’s innovative approach positions it as a first-of-its-kind operator in Nigeria, leveraging blockchain technology in a secure, hybrid DeFi-TradFi model. By catering to small and medium-sized enterprises (SMEs), Juicyway provides an efficient alternative to traditional banks, reducing delays and improving access to foreign currency.
The startup’s success highlights the demand for reliable cross-border payment solutions amid Nigeria’s ongoing FX crunches.
A growing impact on the global stage
With Africa’s fintech market projected to reach $65 billion by 2030, Juicyway’s mission is to develop globally credible payment methods. Co-founders Johnson and Ziegler bring extensive experience in finance and technology, driving the company’s rapid growth and ability to navigate emerging market challenges.
Beyond solving FX-related problems, Juicyway contributes to economic development and financial accessibility in the regions where it operates. By addressing inefficiencies in payment services, the startup is poised to transform international business operations in Africa and beyond.
