Juicyway, a Nigerian cross-border payments startup addressing the country’s ongoing foreign exchange (FX) challenges, has secured $3 million in pre-seed funding. The investment will allow the company to scale operations, enhance its technology platform, and expand its reach in key markets, including Nigeria, the United States, the United Kingdom, and Canada.
The funding round was led by P1 Ventures, with participation from prominent investors such as Ventures Platform, Future Africa, Magic Fund, and Microtraction. Angel investors, including Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo, also contributed to the round.
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway operates as a marketplace facilitating the conversion of local currencies to foreign currencies and vice versa. The startup serves two main user segments: businesses that need to purchase foreign currency to facilitate outbound payments and those bringing foreign currency into Nigeria for conversion to local naira. Juicyway generates revenue through transaction fees and spreads on conversions made via its platform.
Access to foreign exchange remains one of Nigeria’s most pressing economic challenges, particularly for businesses engaged in international trade and payments. The Central Bank of Nigeria’s policies and market volatility have contributed to frequent FX shortages, making it difficult for businesses to secure the hard currencies—such as US dollars (USD) and Canadian dollars (CAD)—needed to operate effectively.
Juicyway’s co-founder and CEO, Ife Johnson, described the company’s two-fold approach to solving this challenge. “Businesses come to us for two reasons. The first type of business wants to take local currency, convert it to US dollars, and make international payments via our banking partners—this represents the demand side. The second type of business wants to leverage the accounts we provide to bring money into the continent, convert it into local currency, and make disbursements—this represents the supply side,” he explained.
By offering these services, Juicyway has positioned itself as a reliable intermediary for businesses navigating Nigeria’s volatile FX market.
What sets Juicyway apart from traditional financial institutions is its innovative approach, which combines elements of decentralized finance (DeFi) and traditional finance (TradFi). The company enables businesses to make cross-border payments using stablecoins such as Tether (USDT) and USD Coin (USDC), two widely used digital assets pegged to the value of the US dollar. This hybrid model offers businesses a faster and more reliable way to access foreign exchange, reducing reliance on traditional FX channels.
Upon onboarding, Juicyway customers can open wallets in US dollars, Canadian dollars, or stablecoins. These wallets serve as gateways for businesses to seamlessly manage cross-border transactions while navigating Nigeria’s FX constraints.
The $3 million pre-seed funding marks a significant milestone for Juicyway as it seeks to solidify its market position and expand its reach. The company plans to use the funds to strengthen its marketing and business development teams, improve its technology infrastructure, and scale its operations both within Nigeria and internationally.
Juicyway’s expansion into markets like the US, UK, and Canada reflects its ambition to serve a growing pool of Nigerian businesses and diaspora communities that require efficient cross-border payment solutions.
The startup’s efforts come at a crucial time for Nigeria’s economy. As businesses grapple with FX shortages and the complexities of international trade, platforms like Juicyway provide critical tools to navigate these challenges. By offering transparent, technology-driven solutions, the company aims to bridge the gap between local businesses and global financial systems.
Juicyway is one of several Nigerian fintech startups striving to address the country’s cross-border payments issues. The rise of digital financial solutions has opened new pathways for businesses to access foreign exchange and facilitate international transactions, bypassing many of the inefficiencies in traditional systems.
However, the FX crisis remains a significant hurdle. Nigeria’s dependency on oil exports for foreign reserves, combined with fluctuating global oil prices, has exacerbated currency shortages. This has forced businesses to seek alternative solutions, driving demand for fintech platforms like Juicyway.
Industry analysts note that fintech startups offering hybrid finance solutions are well-positioned to play a transformative role in Africa’s financial landscape. By leveraging blockchain technology and stablecoins, platforms like Juicyway are helping businesses reduce transaction costs, mitigate currency risks, and improve access to global markets.
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