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Nigerian financial services group Zedcrest Group has acquired UK-founded cross-border payments company Leatherback for an undisclosed sum, strengthening its expansion into global financial services and fintech.
Zedcrest, which operates across investment banking, asset management and financial technology, said Leatherback will continue to operate as an independent subsidiary within the group. The company will retain its existing brand and management team following the transaction.
The acquisition formalises a partnership between the two companies that dates back to 2021, when Zedcrest participated in Leatherback’s $10 million pre-seed funding round. It also supports Zedcrest’s strategy of building an integrated financial services business, following its acquisition of brokerage firm RMB Nigeria Stockbrokers in 2024.
“Leatherback has built an impressive platform that addresses real challenges in cross-border payments, and we see significant opportunities to accelerate that journey through the strength of the Zedcrest ecosystem,” said Adedayo Amzat, group managing director of Zedcrest Group.
According to Zedcrest, the acquisition will provide Leatherback with additional financial capacity to expand into new markets, secure regulatory licences, strengthen banking relationships and recruit senior professionals across compliance and risk management.
The company is also expected to retain its existing operational structure and technology infrastructure. Leatherback has developed an in-house core banking system and payments ledger, which its management has previously said enables the company to manage transaction costs while supporting enterprise payment services.
The transaction further advances Zedcrest’s efforts to build an integrated financial services group spanning investment banking, asset management, securities, financing and financial technology. It also gives the group increased exposure to Africa’s expanding cross-border payments market, which is projected to reach $1 trillion by 2035.
“We believe the opportunity in borderless financial services remains significantly underpenetrated, and this acquisition aligns with Zedcrest’s strategy of building a portfolio of trusted, scalable, and globally relevant businesses,” Amzat said.
Leatherback shifts focus to enterprise payments
The acquisition comes less than a year after Leatherback completed a leadership restructuring following a challenging period for the company.
In 2023, Nigerian authorities investigated transactions connected to an external entity that had passed through a Leatherback account. Although a court subsequently ordered the forfeiture of the funds, former chief executive and co-founder Ibrahim Toyeeb Ibitade was cleared of wrongdoing before departing the company in October 2024.
Leatherback appointed former Cellulant executive Ochebhoya Ekpete as chief executive in August 2025, alongside a new product and technology leadership team.
Under its revised strategy, the company has increasingly focused on enterprise and infrastructure-led cross-border payments, positioning its platform as financial infrastructure for businesses rather than primarily targeting retail remittance customers.
The company previously said enterprise clients would serve as its main growth engine, while retail payment products would remain part of its broader offering.
Since the strategic shift, Leatherback has expanded its regional presence by establishing a West African hub in Nigeria. The company also plans to create regional hubs in Canada and Kenya to support its North American and East African operations, according to the statement.
For Zedcrest, the acquisition provides an opportunity to scale its presence in cross-border financial services while strengthening Leatherback’s capacity to invest in regulatory compliance, risk management, financial infrastructure and technology.
“This marks an exciting new chapter for Leatherback,” said Ekpete. “We have built a business focused on solving real challenges in global payments, and this transaction positions us to build on that foundation with even greater scale, capability, and long-term vision.”
The deal highlights the growing role of fintech infrastructure, regulatory technology solutions and compliance capabilities in enabling cross-border financial services as financial institutions expand across multiple markets and regulatory frameworks.
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