Juicyway, a Nigerian fintech startup solving cross-border FX liquidity challenges for African businesses, has raised $3 million in a pre-seed funding round. This round attracted prominent investors, including P1 Ventures, Ventures Platform, Future Africa, Magic Fund, and Microtraction, alongside angel investors such as Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo.
Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway aims to address Africa’s persistent foreign exchange shortages, which hinder businesses’ ability to engage in global trade. The platform connects FX suppliers to businesses seeking foreign currency for seamless cross-border payments, leveraging both traditional finance systems and stablecoin technology to ensure faster settlements and reduced costs. The company charges transaction fees and spreads based on market rates.
Since its launch, Juicyway claims to have facilitated over $1.3 billion in total payment volume (TPV) and completed 25,000 transactions for over 4,000 businesses, including notable clients like PiggyVest, Bamboo, Afriex, and Bolt. It also partners with Lead Bank in the US to enable virtual dollar accounts while holding regulatory licenses such as the IMTO license in Nigeria, MSB license in Canada, and an API license in the UK.
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Juicyway’s success is underpinned by its strategic approach to bridging gaps in FX liquidity. Hisham Halbouny, Managing Partner at P1 Ventures, commented:
“Juicyway is addressing one of Africa’s most critical challenges—providing businesses with seamless access to FX liquidity. Ife and Justin’s innovative approach is unlocking financial efficiency for African businesses, and we’re excited to support their growth journey.”
Looking ahead, Juicyway plans to scale operations across Nigeria, the UK, Canada, and the US, introduce new features to optimize FX processes and deepen its partnerships with global liquidity providers. Co-founder Ife Johnson envisions Juicyway as the financial backbone for cross-border commerce, enabling African businesses to thrive in the global economy.
Juicyway’s focus on solving a pressing challenge, combined with its robust partnerships and innovative solutions, positions it as a major player in Africa’s fintech landscape.
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