Zedcrest acquires UK fintech Leatherback to boost Africa's cross-border payments push

Zedcrest Group announced today it has acquired UK-based cross-border payments startup Leatherback for an undisclosed amount, keeping the fintech operating as an independent subsidiary with its current team and brand. The deal formalizes Zedcrest's 2021 pre-seed investment in Leatherback's $10 million funding round.

The acquisition gives Leatherback expanded financial backing to enter new markets, secure regulatory licenses, deepen banking partnerships, and hire senior compliance staff—all while maintaining existing operations. Leatherback's proprietary core banking system and payments ledger, which its leaders say reduces transaction costs while supporting enterprise services, will now scale within Zedcrest's growing financial services ecosystem.

This move advances Zedcrest's post-2024 RMB Nigeria Stockbrokers acquisition strategy to build an integrated financial services group spanning investment banking, asset management, securities, financing and fintech. It positions the Nigerian conglomerate to capture more of Africa's projected $1 trillion cross-border payments market by 2035.

Leatherback, which shifted to enterprise-focused cross-border payments after a 2023 regulatory investigation (where former CEO Ibrahim Toyeeb Ibitade was cleared before exiting in Oct 2024) under new CEO Ochebhoya Ekpete (ex-Cellulant, appointed Aug 2025), already operates a West African hub in Nigeria and plans Canada/Kenya regional hubs to support North American and East African operations.

For Nigerian businesses reliant on cross-border payments, what does Leatherback's expanded capacity under Zedcrest mean for your transaction costs, speed, and access to new markets—especially as the company prioritizes enterprise solutions over retail remittances?

SOURCE: https://techcabal.com/2026/07/27/zedcrest-acquires-leatherback-in-push-for-global-fintech-expansion/