Nigeria’s Zedcrest Group has completed the acquisition of UK-founded fintech Leatherback, strengthening its ambitions to build a globally connected financial services ecosystem and expand its presence in cross-border payments.
Zedcrest Group, a Nigerian financial services company with interests spanning investment banking, asset management, securities, financing and financial technology, has acquired Leatherback, a global payments fintech focused on simplifying international transactions for individuals and businesses.
The value of the transaction was not disclosed.
The acquisition brings together Zedcrest’s institutional expertise and financial services capabilities with Leatherback’s technology and cross-border payments infrastructure. The deal is expected to provide Leatherback with additional capital and institutional support as it expands its operations across international markets.
Leatherback enables users to send, receive, convert and manage funds across multiple currencies through a digital platform. Its services are designed to address some of the challenges associated with international payments and cross-border commerce, particularly for individuals and businesses operating across multiple jurisdictions.
The acquisition also builds on an existing relationship between both companies. Zedcrest previously invested in Leatherback, with reports stating that it led the fintech’s $10 million pre-seed funding round. The latest transaction effectively deepens that partnership, bringing the payments company into the Zedcrest Group ecosystem.
For Zedcrest, the acquisition represents a broader push to develop a diversified financial services platform with the capacity to serve customers across African and global markets. The group sees cross-border financial services as a strategic area of growth as businesses increasingly operate across multiple countries and require faster and more seamless ways to move money internationally.
“This acquisition represents far more than an expansion of our portfolio,” said Adedayo Amzat, Group Managing Director of Zedcrest Group. He added that the transaction reflects the group’s belief that the future of financial services will be shaped by technology, global connectivity and institutional trust.
Leatherback CEO Ochebhoya Ekpete described the acquisition as a new chapter for the company, noting that the fintech would continue building on its existing foundation while benefiting from the scale and long-term support of Zedcrest.
The company is also positioning itself for further international expansion. Following the establishment of its West African hub in Nigeria, Leatherback plans to expand its physical presence with proposed hubs in Canada and Kenya, strengthening its reach across North America and East Africa.
Despite the change in ownership, Leatherback is expected to retain its existing leadership team and continue operating under its established brand. The company says customers and partners can expect continuity in its services while the business invests further in technology, governance, compliance and operational capacity.
The acquisition comes at a time when cross-border payments are becoming increasingly important to Africa’s digital economy. The growth of international trade, remittances and businesses operating across multiple markets is creating greater demand for financial infrastructure capable of moving money efficiently between countries.
Zedcrest’s acquisition of Leatherback therefore goes beyond a conventional portfolio expansion. It signals a growing interest among African financial institutions in owning the technology and infrastructure required to participate in the global payments economy.
For Leatherback, the deal provides access to deeper institutional backing and capital to support its international growth ambitions. For Zedcrest, it strengthens its fintech capabilities and adds a global payments platform to its expanding financial services ecosystem.
As African businesses become increasingly connected to international markets, the ability to facilitate seamless cross-border transactions could become an increasingly important competitive advantage for financial institutions across the continent.
