Zedcrest Group, a Nigerian financial services company with interests spanning investment banking, asset management and financial technology, has acquired UK-founded cross-border payments startup Leatherback for an undisclosed sum, strengthening its presence in Africa’s fast-growing digital payments market.
The acquisition was disclosed in a statement issued by Zedcrest Group and Leatherback on Monday, with both companies confirming that Leatherback will continue to operate as an independent subsidiary within the Zedcrest ecosystem while retaining its brand identity and existing management team.
The transaction builds on a partnership that dates back to 2021, when Zedcrest participated in Leatherback’s $10 million pre-seed funding round, effectively converting an early investment relationship into full ownership. Established in 2013, Zedcrest Group focuses on facilitating financial transactions for individuals and businesses through its lending, investment, digital wealth management and enterprise financing businesses.
Why Zedcrest acquired Leatherback
The acquisition is expected to provide Leatherback with stronger financial support to accelerate its expansion into new markets, secure additional regulatory licences, strengthen banking partnerships and recruit senior compliance and risk professionals while maintaining its existing operations.
Speaking on the transaction, Adedayo Amzat, Group Managing Director of Zedcrest Group, said:
“Leatherback has built an impressive platform that addresses real challenges in cross-border payments, and we see significant opportunities to accelerate that journey through the strength of the Zedcrest ecosystem.”
He added:
“We believe the opportunity in borderless financial services remains significantly underpenetrated, and this acquisition aligns with Zedcrest’s strategy of building a portfolio of trusted, scalable, and globally relevant businesses.”
According to the companies, the acquisition also advances Zedcrest’s ambition of building an integrated financial services group spanning investment banking, asset management, securities, financing and financial technology, while expanding its exposure to Africa’s cross-border payments market, which is projected to reach $1 trillion by 2035.
Leatherback has developed its own core banking system and payments ledger, technology that enables the company to manage transaction costs while supporting enterprise payment services.
Commenting on the deal, Ochebhoya Ekpete, Chief Executive Officer of Leatherback, described the acquisition as a major milestone for the company.
“This marks an exciting new chapter for Leatherback. We have built a business focused on solving real challenges in global payments, and this transaction positions us to build on that foundation with even greater scale, capability, and long-term vision.”
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What you should know
Leatherback’s acquisition marks a significant turnaround for the fintech after a turbulent period that tested the company’s reputation and leadership. In 2023, the startup came under scrutiny after Nigerian authorities investigated funds that passed through one of its accounts in connection with a third party. Although the case led to the forfeiture of the funds, former co-founder and CEO Ibrahim Toyeeb Ibitade was eventually cleared of wrongdoing before leaving the company in October 2024.
Following the leadership transition, Leatherback repositioned itself away from competing primarily in the retail remittance market, instead focusing on providing cross-border payment infrastructure for businesses. The company has since expanded into Nigeria as its West African base and is planning additional regional hubs in Canada and Kenya, underscoring its ambitions to build a broader international payments network.
The acquisition also reflects Zedcrest’s wider expansion strategy. After acquiring RMB Nigeria Stockbrokers in 2024, the financial services group is increasingly using acquisitions to broaden its footprint across investment banking, asset management and financial technology, with Leatherback giving it a stronger position in the rapidly growing cross-border payments sector.