Zedcrest Group, a Nigerian financial services group with businesses spanning investment banking, asset management, and fintech, has acquired UK-founded cross-border payments startup Leatherback for an undisclosed amount.
Leatherback will continue to operate as an independent subsidiary within the Zedcrest Group, retaining its brand and current management team, the companies said in a statement.
The acquisition formalises a relationship that began in 2021 when Zedcrest invested in Leatherback’s $10 million pre-seed funding. It also aligns with Zedcrest’s strategy of building an integrated financial services business, following its 2024 acquisition of RMB Nigeria Stockbrokers, a brokerage firm.
“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.
Zedcrest said the acquisition will give Leatherback greater financial backing to pursue expansion into new markets, obtain regulatory licences, deepen banking partnerships and hire senior compliance and risk professionals while maintaining its existing operations. Leatherback has developed its own core banking system and payments ledger, technology its management previously said helped the company control transaction costs while supporting enterprise payment services.
