Zedcrest Group Strengthens Fintech Push with Acquisition of Leatherback

Nigerian financial services group, Zedcrest, has acquired UK-founded cross-border payments startup Leatherback in a strategic move to expand its fintech offerings and tap into Africa’s rapidly growing digital payments market. The acquisition formalizes a relationship that began in 2021 when Zedcrest first invested in Leatherback’s pre-seed funding round.

The terms of the deal remain undisclosed, but both companies confirmed that Leatherback will operate as an independent subsidiary within Zedcrest Group while retaining its brand and management team. This approach allows Leatherback to maintain its agility while benefiting from Zedcrest’s financial strength and broader ecosystem.

“Leatherback has built an impressive platform addressing real challenges in cross-border payments, and we see significant opportunities to accelerate that journey through our expanded capabilities,” said Adedayo Amzat, group managing director of Zedcrest Group. The acquisition will provide Leatherback with greater resources to pursue market expansion, secure regulatory licenses, deepen banking partnerships, and enhance compliance infrastructure.

Technology Foundation for Growth

Leatherback’s proprietary core banking system and payments ledger enable efficient transaction processing and support enterprise-grade payment services – a key differentiator in the competitive landscape. The company has strategically positioned itself as the financial rails powering businesses rather than directly competing for retail customers, focusing on providing infrastructure solutions for cross-border transactions.

Addressing Market Opportunity

Africa’s cross-border payments market is projected to reach $1 trillion by 2035, presenting significant growth potential. By integrating Leatherback into its portfolio, Zedcrest aims to capture a larger share of this expanding market while offering clients a more comprehensive suite of financial services.

“This acquisition aligns with our vision of building a diversified financial group that spans investment banking, asset management, and fintech – all connected through digital infrastructure,” added Amzat. The deal follows Zedcrest’s earlier acquisition of RMB Nigeria Stockbrokers in 2024 as part of its broader integration strategy.

Leadership Transition & Future Vision

Leatherback recently underwent a leadership transition with Ochebhoya Ekpete appointed as CEO, bringing experience from Cellulant and a renewed focus on enterprise-led growth. Under new management, the company has expanded its regional presence with hubs in Nigeria, Canada, and Kenya to support operations across Africa, North America, and East Africa.

“We’re excited to join the Zedcrest Group and leverage their resources to scale our impact,” said Ekpete. “This partnership will enable us to reach more businesses and deliver even greater value through our payments infrastructure.”

The acquisition represents a significant step for both companies as they seek to capitalize on Africa’s digital transformation while addressing the continent’s unique financial needs.