Foren Emerges as New Payments Platform After Tumultuous Leatherback Journey

What was once Leatherback is now Foren, a payments platform targeting businesses rather than individuals. This rebranding marks the culmination of a challenging period for the company, including regulatory scrutiny, management changes, and ultimately, acquisition by Nigerian financial group Zedcrest.

The story began with high promise—Leatherback secured USD 10 million in pre-seed funding from Zedcrest in 2022 to build cross-border payment solutions. However, late 2023 brought allegations that a shipping company used Leatherback accounts for fraudulent activities totaling around USD 10 million. While co-founder and CEO Ibrahim Ibitade was cleared of wrongdoing following legal proceedings, the reputational damage proved significant.

Ibitade stepped down in October 2024 to pursue other ventures—ironically launching a competitor, Prune Payments, just months later. Subsequent interim leadership changes occurred before Ochebhoya Ekpete joined as CEO in August 2025 and initiated a strategic pivot from consumer remittances to enterprise infrastructure solutions.

“We spent two years rebuilding everything customers rely on but rarely see,” explained Ekpete. “By the time that work was done, we were fundamentally a different company, and Leatherback no longer fit our identity.”

The new Foren platform offers unified access to global accounts, cross-border payouts, foreign exchange, and treasury management—all features businesses need for international operations. Zedcrest’s backing provides both financial stability and regulatory credibility that the previous iteration lacked.

With plans for hubs in Canada, Kenya, London, and Nigeria, Foren aims to become a leading payments infrastructure provider across multiple regions.