Africa’s fintech landscape continues to witness increased consolidation as established financial institutions seek to strengthen their digital capabilities. The latest development comes as Zedcrest acquires Leatherback, a move that underscores the growing importance of cross-border payment infrastructure in connecting African businesses with global markets.
The acquisition sees Nigerian financial services group Zedcrest Group take full ownership of UK-founded fintech company Leatherback, a cross-border payments platform that has built a presence serving businesses and individuals across multiple international markets. Although financial terms of the transaction were not disclosed, the deal signals Zedcrest’s long-term commitment to building an integrated financial services ecosystem with technology at its core.
Zedcrest Deepens Its Fintech Strategy
Zedcrest Group has steadily expanded beyond its traditional financial services operations, growing its presence across investment banking, asset management, securities, financing, and technology-driven financial services.
The acquisition of Leatherback follows the company’s broader expansion strategy, which has included previous investments and acquisitions aimed at strengthening its position across the financial services value chain. Rather than building every capability internally, Zedcrest has increasingly pursued strategic investments that complement its existing businesses while expanding its global reach.
According to the company, integrating Leatherback into the group aligns with its vision of creating a diversified financial services platform capable of serving customers across multiple markets.
Group Managing Director Adedayo Amzat described the acquisition as a reflection of the company’s belief that the future of finance will be driven by technology, global connectivity, and trusted institutions capable of operating across borders.
Leatherback to Continue Operating Independently
While ownership has changed, Leatherback will continue operating under its existing brand and leadership structure as an independent subsidiary within the Zedcrest Group.
The fintech has established itself as a provider of multicurrency financial services, offering businesses and individuals access to international payment solutions and accounts supporting currencies such as the U.S. dollar, British pound, Nigerian naira, and Canadian dollar.
Over the years, Leatherback has expanded its operations into more than 20 countries while serving thousands of business customers seeking faster and more efficient international payment solutions.
Maintaining the company’s operational independence is expected to preserve the agility that has enabled Leatherback to innovate while giving it access to stronger financial backing and institutional support from its new parent company.
Expansion Plans Extend Beyond Africa
One of the immediate opportunities arising from the Leatherback acquisition is the company’s planned geographic expansion.
Following the transaction, Leatherback intends to establish regional hubs in Canada and Kenya, strengthening its ability to serve customers across North America and East Africa while complementing its existing West African operations.
These expansion plans reflect the increasing demand for seamless international payment infrastructure as African businesses engage more actively in global trade, remote work, digital commerce, and cross-border investment.
Additional capital from Zedcrest is also expected to support regulatory licensing efforts, deepen banking partnerships, and strengthen compliance and risk management capabilities—critical factors for scaling financial services across multiple jurisdictions.
Building for the Future of Cross-Border Payments
Cross-border payments remain one of the fastest-growing segments within the global fintech industry.
African businesses increasingly require reliable financial infrastructure that enables them to receive payments, pay international suppliers, manage multiple currencies, and expand into new markets without the friction often associated with traditional banking systems.
By combining Zedcrest’s financial expertise with Leatherback’s payments technology, the acquisition positions both companies to capitalize on growing demand for digital financial infrastructure.
Industry observers have increasingly pointed to cross-border payments as one of the largest opportunities for African fintechs, particularly as continental trade expands under initiatives such as the African Continental Free Trade Area (AfCFTA) and businesses become more globally connected.
A New Chapter Following Leadership Changes
The acquisition also follows a period of significant transformation for Leatherback.
Over the past two years, the company underwent a series of leadership changes that culminated in the appointment of Ochebhoya Ekpete as Chief Executive Officer. The leadership transition came after a challenging period during which the company faced regulatory scrutiny connected to transactions involving an external entity.
Subsequent legal developments cleared former CEO and co-founder Ibrahim Ibitade of wrongdoing before his departure from the business. Since then, Leatherback has focused on strengthening its governance, refreshing its executive team, and sharpening its strategic focus on enterprise-focused payment infrastructure.
Under Ekpete’s leadership, the company has increasingly positioned itself as the financial infrastructure powering businesses rather than competing solely within the retail remittance market.
Commenting on the acquisition, Ekpete described the transaction as an important milestone that provides the resources and long-term support needed to accelerate Leatherback’s growth while remaining focused on solving real challenges in global payments.
What the Deal Means for African Fintech
The decision by Zedcrest Group to acquire Leatherback reflects a broader trend reshaping the African fintech ecosystem.
As competition intensifies and regulatory requirements become more complex, fintech companies are increasingly partnering with or joining larger financial institutions that can provide capital, governance, regulatory expertise, and international networks.
Rather than viewing acquisitions solely as exit opportunities, many fintech founders now see strategic partnerships as a way to accelerate product development, expand internationally, and serve larger enterprise customers.
For established financial institutions, acquiring technology-first companies offers a faster path to digital transformation than building entirely new platforms from scratch.
Editor’s Note
The announcement that Zedcrest acquires Leatherback represents more than another corporate transaction. It highlights the growing convergence between traditional financial institutions and fintech innovators as both seek to meet the evolving demands of businesses operating across borders.
With additional capital, expanded governance support, and access to Zedcrest’s broader financial ecosystem, Leatherback appears well positioned to pursue its international growth ambitions while continuing to develop solutions for businesses navigating increasingly global markets.
As Africa’s digital economy continues to mature, acquisitions like this are likely to become more common, reinforcing the role of collaboration, institutional investment, and scalable technology in shaping the continent’s next phase of fintech growth.
