Juicyway Secures $3M to Tackle Nigeria’s FX Shortage Challenges for Businesses
Nigerian startup Juicyway just bagged a cool $3 million in pre-seed funding to tackle one of the toughest challenges for Nigerian businesses—foreign exchange shortages. Founded in 2021 by Ife Johnson and Justin Ziegler, this cross-border payments platform is helping businesses and individuals convert local currency to dollars (and vice versa) seamlessly.
This funding, led by P1 Ventures with backing from Ventures Platform, Future Africa, and others, will help Juicyway expand its marketing and business teams, enhance its technology, and grow its operations in Nigeria, the US, UK, and Canada.
How Juicyway Works
Juicyway runs like a matchmaking platform for FX needs. Businesses that have foreign currency—like USD or CAD—are paired with those who need it. Buyers and sellers set their own prices, so the system ensures fair and competitive rates. Juicyway makes its money from transaction fees and spreads.
What’s exciting? They’ve even embraced stablecoins like Tether (USDT) and USDC, blending decentralized finance (DeFi) with traditional finance. This innovative system allows users to open wallets in USD, CAD, or stablecoins for quick, compliant, and affordable international transactions.
Crushing the Numbers
Juicyway has come a long way since processing its first $9 transaction in November 2021. Fast forward to now—they’ve moved a jaw-dropping $1.3 billion in total payment volume (TPV) for over 4,000 customers. That’s huge!
They hold key licenses in all four of their markets: Nigeria, the US, the UK, and Canada. With their eyes on scaling, the startup also recently expanded its services to individuals, making international payments even more accessible.
Why This Matters
Foreign exchange shortages have been a nightmare for Nigerian businesses. Johnson highlighted this perfectly: “Every time businesses needed to convert local currency to foreign currency, there just wasn’t a supply that was near-instant, cheap, or compliant.”
Juicyway is flipping the script. By combining tech and smart business models, they’re solving this problem for companies like IHS Towers and even remittance firms like RemitChoice, who use the platform for liquidity and payments.
The Road Ahead
With fresh funds in the bank, Juicyway plans to ramp up marketing, grow its customer base, and keep pushing its game-changing platform. The goal? To make cross-border payments simpler, faster, and fairer for everyone.
Juicyway isn’t just solving problems; it’s redefining how Nigerian businesses tackle FX challenges. With $3 million backing them, they’re all set to change the game.
