Zedcrest Group Acquires payments Startup Leatherback

Nigerian financial services company Zedcrest Group has completed the acquisition of Leatherback, a United Kingdom-based financial technology company specializing in cross-border payments and multicurrency financial services.

The financial terms of the transaction were not disclosed. However, the acquisition gives Zedcrest ownership of Leatherback’s payment technology, international operating network and regulatory infrastructure as the Nigerian group expands beyond conventional investment and capital market services.

Leatherback will continue operating under its existing name as an independent subsidiary of Zedcrest Group. Its current leadership team, employees, application and customer services will also remain in place. This arrangement is intended to preserve operational continuity while giving the company access to Zedcrest’s capital, governance systems and wider financial services network.

In a statement to customers, Leatherback confirmed that accounts, balances, login credentials and payment details would remain unchanged. It also said that the acquisition would not result in immediate changes to its fees or foreign exchange rates.

The acquisition formalises a business relationship that began in 2022, when Zedcrest Capital led Leatherback’s $10 million pre-seed funding round. The investment was intended to support the development of Leatherback’s technology, compliance systems and financial infrastructure across several international markets.

At the time of the funding round, Leatherback presented itself as a global financial platform designed to simplify the movement of money for businesses, international students, migrants and other customers operating across national borders. Before receiving the investment, the company had reportedly been financed by its founders.

From investment to full ownership

Zedcrest’s decision to move from investor to owner suggests that the group considers Leatherback’s technology and regulatory capabilities central to its longer-term expansion.

Adedayo Amzat, Group Managing Director of Zedcrest, described the deal as more than an addition to the company’s investment portfolio. According to him, the acquisition reflects Zedcrest’s belief that technology, global connectivity and institutional trust will determine the future direction of financial services.

Leatherback provides multicurrency accounts and infrastructure that enable individuals and businesses to send, receive, convert, and manage money across different jurisdictions. Its services have included international collections, foreign exchange conversion, payouts and treasury support.

The company has gradually expanded its focus from consumer remittances to enterprise payment infrastructure. This places it in a valuable part of the financial technology market, where companies require systems that can collect payments from customers, pay suppliers, and manage funds across multiple currencies.

Leatherback is registered in England and Wales and is authorised by the United Kingdom’s Financial Conduct Authority as an electronic money institution. It has also developed regulatory and banking relationships outside the United Kingdom, including operations connected to Canada and several African markets.

Reports indicate that the platform supports transactions involving more than 180 currencies. Leatherback has previously identified the United Kingdom, Canada, Nigeria, Ghana, South Africa, Egypt, Uganda, Tanzania, Côte d’Ivoire, India and the United Arab Emirates among the markets connected to its multicurrency services.

Expansion into Canada and Kenya

Following the acquisition, Leatherback plans to establish or strengthen operational hubs in Canada and Kenya. The Canadian hub is expected to coordinate the company’s activities in North America, while the Kenyan operation will support its expansion across East Africa.

These hubs could give Leatherback stronger regional oversight and improve its ability to develop partnerships with banks, payment processors and regulatory institutions. They may also help the company design services that meet the specific payment requirements of customers in each region.

Zedcrest’s backing is expected to support Leatherback in obtaining additional licences, strengthening banking partnerships, improving the reliability of its platform and accelerating the development of enterprise payment products.

Leatherback said the transaction would provide the financial strength, institutional structure, governance, and long-term capital required to enter additional markets and improve its services. The company also told customers that their personal information would continue to be managed under its existing privacy policy.

Building an integrated financial services group

Founded in Lagos in 2013, Zedcrest has developed from a small trading company into a financial services group with interests in securities trading, investment management, wealth management and financial technology.

The Leatherback transaction follows Zedcrest’s 2024 acquisition of RMB Nigeria Stockbrokers, which was subsequently renamed Zedcrest Securities. That acquisition increased the group’s presence in Nigeria’s capital market. The purchase of Leatherback marks its expansion into international payments and digital financial infrastructure.

The strategic value of Leatherback lies not only in its customer-facing applications but also in its licences, compliance systems, payment connections, and multicurrency technology. Developing those resources independently would require considerable time, regulatory engagement and capital. Acquiring an existing platform gives Zedcrest a quicker route into the international payments market.

It may also create opportunities to connect Leatherback’s payment capabilities with other Zedcrest businesses. Corporate clients could potentially access a wider range of investment, treasury, foreign exchange, and cross-border payment services through the group.

However, successful integration will depend on Zedcrest’s ability to preserve Leatherback’s operational independence while strengthening its compliance controls and financial capacity. Cross-border payment companies face complex requirements for customer verification, anti-money laundering measures, data protection, foreign exchange rules, and regulatory reporting. Expansion across several countries will therefore require more than additional capital.