Zedcrest adds Leatherback to its financial services portfolio

Zedcrest Group has acquired cross border payments company Leatherback, turning an early investment into full ownership. The deal adds another fintech business to the financial services group’s portfolio. The companies did not disclose the value of the transaction. Leatherback will continue operating as a standalone business under Zedcrest. It will keep its existing brand and management team. The acquisition has been years in the making. Zedcrest first invested in Leatherback in 2021 as part of the startup’s $10 million pre seed funding round. Instead of exiting that investment, it has now taken full ownership. The deal follows Zedcrest’s acquisition of RMB Nigeria Stockbrokers in 2024. It reflects the group’s move beyond its traditional investment banking business.

A payments company that has changed course

Leatherback looks very different from the company Zedcrest first invested in. The startup initially focused on consumers sending money across borders. It has since shifted towards businesses that need payment infrastructure for international transactions. Leatherback has also built its own core banking system and payments ledger. The technology gives the company more control over how transactions are processed. Zedcrest said the acquisition will help fund expansion into new markets. It also plans to support new regulatory licences, banking partnerships, and larger compliance and risk teams.

A reset after a difficult period

The acquisition follows a period of change at Leatherback. In 2023, Nigerian authorities investigated transactions linked to an external party that passed through one of the company’s accounts. A court later ordered the forfeiture of the funds. Former chief executive and co founder Ibrahim Toyeeb Ibitade was, however, cleared of wrongdoing before leaving the company in October 2024.

Leatherback appointed former Cellulant executive Ochebhoya Ekpete as chief executive in 2025. It also restructured its product and technology teams.Since then, the company has expanded its operations. It opened a West African hub in Nigeria and plans regional hubs in Canada and Kenya. For Zedcrest, the acquisition adds a payments business it has known for several years. For Leatherback, it replaces venture funding with the backing of an existing shareholder. This version should bring your long-sentence score much closer to Yoast’s recommendation while preserving your reporting style.