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.

The funding round was led by P1 Ventures, with additional backing from Ventures Platform, Future Africa, Magic Fund, and Microtraction.

Angel investors Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo also participated.

Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway operates as a marketplace that facilitates currency exchanges between local currencies and dollars.

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.