Nigeria's Juicyway raises $3 million to help businesses solve FX shortage problem
Summary
Juicyway, a Nigerian cross-border payments startup that helps businesses get FX for international transactions, has raised $3 million in pre-seed funding. The second type of businesses want to leverage the accounts we provide to bring money into the continent and convert it into local currency to make disbursements [supply side], said Ife Johnson, Juicyway co-founder and CEO.The companys raise comes at a time when access to FX remains a challenge for Nigerian businesses dealing with frequent heavy international transactions. Since then, it claims to have processed $1.3 billion in total payment volume (TPV)a metric that Juicyway considers as its North Starfor over 4,000 customers.The startup operates in four markets: Nigeria, the UK, the US, and Canada. For example, remittance companies like RemitChoice use the platform to sell liquidity and make disbursements, while businesses like IHS Towers use it for outbound payments.We couldnt be more excited to partner with Ife, Justin and Idris as they tackle one of the most critical challenges in finance. At P1 Ventures, we seek audacious and exceptional founders like themvisionaries who aim to redefine industries and empower emerging markets, said Hisham Halbouny, co-founder and managing partner at P1 Ventures.The company will be looking to raise again in the next 1824 months.Get the best African tech newsletters in your inbox