Nigerian Financial Conglomerate Strengthens Position in African Payments Market

Zedcrest Group, a leading financial services provider based in Nigeria, has acquired UK-founded cross-border payments startup Leatherback for an undisclosed amount. This strategic move further expands Zedcrest’s footprint in Africa’s rapidly evolving digital payments landscape.

About the Companies

Leatherback, founded in 2021 by Ibrahim Toyeeb Ibitade, offers businesses and individuals cross-border payment solutions and multi-currency financial services. The company has quickly gained recognition for its innovative approach to facilitating international transactions.

Zedcrest Group is a diversified financial services group with investments across asset management, investment banking, and now payments infrastructure. Their recent acquisitions signal an aggressive growth strategy focused on integrated financial solutions.

Deal Highlights

• Leatherback will operate as an independent subsidiary under the Zedcrest umbrella
• The acquisition builds on Zedcrest’s previous USD 10 million pre-seed investment in Leatherback (2021)
• CEO Ochebhoya Ekpete and the existing Leatherback management team will remain in place
• This follows Zedcrest’s earlier acquisition of RMB Nigeria Stockbrokers in 2024

Strategic Implications

The deal positions Zedcrest to offer a more comprehensive suite of financial services, from local payments to international transfers. By integrating Leatherback’s technology and expertise, Zedcrest aims to:

• Expand into new markets across Africa and beyond
• Accelerate regulatory licensing for broader service offerings
• Forge strategic banking partnerships
• Develop enterprise-grade payment solutions

This acquisition underscores the growing convergence of financial services in Africa as companies seek to provide integrated digital experiences for customers.