Zedcrest Group, the Nigerian financial services firm with interests in investment banking, asset management and fintech, has acquired UK-founded payments startup Leatherback for an undisclosed amount, strengthening its position in the fast-growing international payments market.
Leatherback will continue to operate independently under its existing brand and leadership, according to a joint statement by both companies.
The transaction builds on a partnership that began in 2021 when Zedcrest backed Leatherback in its $10 million pre-seed funding round. It also follows the group’s acquisition of RMB Nigeria Stockbrokers in 2024 as it broadens its financial services portfolio.
“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.
The investment is expected to provide Leatherback with the capital needed to enter new markets, secure additional regulatory licences, strengthen banking relationships and expand its compliance and risk teams.
Founded to simplify international money movement, Leatherback has built its own core banking infrastructure and payments ledger, allowing it to reduce transaction costs while supporting businesses with cross-border payment services.
For Zedcrest, the deal broadens its reach across investment banking, asset management, securities, financing and financial technology, while giving it greater exposure to a payments market expected to reach $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 acquisition comes less than a year after Leatherback completed a major turnaround following one of the most difficult periods in its history.
In 2023, Nigerian authorities investigated transactions linked to an external entity that passed through one of the company’s accounts. 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.
Leatherback has since reshaped both its leadership and business focus. In August 2025, it appointed former Cellulant executive Ochebhoya Ekpete as chief executive, alongside a new product and technology leadership team.
The company also pivoted towards providing payments infrastructure for businesses, making enterprise clients its primary growth engine while continuing to serve retail customers.
Since then, Leatherback has expanded its footprint by establishing a West African hub in Nigeria and plans to open additional regional hubs in Canada and Kenya to support its North American and East African operations.
This marks an exciting new chapter for Leatherback,” Ekpete said. “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.