Zedcrest Group acquires Leatherback in push for global fintech expansion

Zedcrest Group, a Nigerian financial services group with businesses spanning investment banking, asset management, and fintech, has acquired UK-founded cross-border payments startup Leatherback for an undisclosed amount.

Leatherback will continue to operate as an independent subsidiary within the Zedcrest Group, retaining its brand and current management team, the companies said in a statement.

The acquisition formalises a relationship that began in 2021 when Zedcrest invested in Leatherback’s $10 million pre-seed funding. It also aligns with Zedcrest’s strategy of building an integrated financial services business, following its 2024 acquisition of RMB Nigeria Stockbrokers, a brokerage firm.

“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,” said Adedayo Amzat, group managing director of Zedcrest Group.

Zedcrest said the acquisition will give Leatherback greater financial backing to pursue expansion into new markets, obtain regulatory licences, deepen banking partnerships and hire senior compliance and risk professionals while maintaining its existing operations. Leatherback has developed its own core banking system and payments ledger, technology its management previously said helped the company control transaction costs while supporting enterprise payment services.

The deal also strengthens Zedcrest’s push to build an integrated financial services group spanning investment banking, asset management, securities, financing and financial technology, giving it greater exposure to Africa’s fast-growing cross-border payments market, projected to be worth $1 trillion by 2035.

“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,” Amzat said.

The deal comes less than a year after Leatherback completed a leadership overhaul following one of the most turbulent periods in its history. In 2023, Nigerian authorities investigated transactions linked to an external entity that had passed through a Leatherback account. Although a court ordered the forfeiture of the funds, former chief executive and co-founder Ibrahim Toyeeb Ibitade was cleared of wrongdoing before leaving the company in October 2024.

By August 2025, Leatherback appointed former Cellulant executive Ochebhoya Ekpete as chief executive alongside a new product and technology leadership team. The company also shifted its strategy toward enterprise and infrastructure-led cross-border payments, positioning itself as the financial rails powering businesses rather than competing primarily for retail remittance customers. It told TechCabal at the time that enterprise clients would become its primary growth engine while retail products would remain part of its offering.

Since then, Leatherback has expanded its regional footprint, opening a West African hub in Nigeria. It plans to establish regional hubs in Canada and Kenya to support its North American and East African operations, according to the statement.

“This marks an exciting new chapter for Leatherback,” said Ochebhoya Ekpete, chief executive officer, 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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