Zedcrest completes full acquisition of Leatherback

Zedcrest Group has acquired Leatherback, a UK-based cross-border fintech founded in 2019. The value of the acquisition was not disclosed.

Zedcrest led a $10 million pre-seed investment in Leatherback in 2022 and said the acquisition reflects its ambition to expand its global financial services footprint. Following the acquisition, Leatherback plans to open hubs in Canada and Kenya to oversee its North American and East African operations.

“This acquisition represents far more than an expansion of our portfolio. It reflects our conviction that the future of financial services will be shaped by technology, global connectivity, and institutional trust,” Zedcrest Group Managing Director Adedayo Amzat said in a statement.

Leatherback provides multicurrency accounts for businesses and individuals, supporting currencies including the U.S. dollar, the British pound, the Nigerian naira, and the Canadian dollar. The company says it serves more than 20,000 businesses and operates in over 20 countries. In 2024, it announced a partnership with YES BANK as it aimed to tap into growing commerce between India and Africa.

The acquisition comes after a turbulent period for the fintech. In 2024, founder Ibrahim Ibitade stepped down as CEO and was succeeded by Toni Campbell, managing partner at Kinfolk Venture Capital.

Before his departure, Leatherback had come under scrutiny after allegations that a shipping company used its accounts to facilitate fraud. Nigeria’s Economic and Financial Crimes Commission (EFCC) later declared Ibitade wanted but subsequently withdrew the notice. Ibitade later filed a human rights suit.

His exit surprised many observers given Leatherback’s growth trajectory. At the time, Ibitade said his decision was driven by personal priorities.

“I want to start a family. I should be married now with kids, but I’m not,” he said. “My dream and goals of being a family man do not align with the requirements of the job right now. It’s not something that I can juggle.”

He did little to dispel speculation that disagreements with Zedcrest contributed to his departure, instead emphasizing Amzat’s active involvement in the business.

Campbell’s tenure lasted nine months before Ochebhoya Ekpete was appointed CEO in June 2025 as part of a broader leadership overhaul. The company also appointed Usman Amusat as VP of Product and Operations, Mayowa Afe-Ogundele as Chief Technology Officer, and Oreoluwa Ajayi as Head of Sales.

Under the acquisition, Leatherback will retain its current leadership team while receiving additional capital and governance support from Zedcrest.