Zedcrest, a Nigerian financial services group, has acquired UK-founded cross-border payments startup Leatherback in a strategic move aimed at expanding its presence in the global fintech market and strengthening its cross-border payments capabilities.
The acquisition was completed for an undisclosed sum and marks one of the most significant fintech consolidation deals involving a Nigerian financial services firm this year.
The transaction deepens a relationship that began in 2022 when Zedcrest Capital led Leatherback’s $10 million pre-seed funding round, which provides both capital and operational support as the fintech expands its payment infrastructure across multiple markets.
Founded to simplify international payments for businesses and individuals, Leatherback operates cross-border payment infrastructure that enables users to send, receive, and manage funds across multiple currencies.
The company has expanded beyond retail remittances to focus on enterprise payment infrastructure, leveraging licences in the United Kingdom and Canada while supporting transactions in more than 180 currencies.
The acquisition is expected to allow Zedcrest to integrate Leatherback’s technology, regulatory licences and international payment network into its broader financial services ecosystem, enhancing its ability to serve businesses with global trade and treasury needs.
For Zedcrest, the deal aligns with a broader expansion strategy. In 2024, the group acquired RMB Nigeria Stockbrokers, rebranding the business as Zedcrest Securities as part of its push into Nigeria’s capital markets.
The Leatherback acquisition further extends that strategy beyond traditional financial services into digital payments and financial infrastructure. The transaction also reflects a growing trend of mergers and acquisitions across Africa’s technology ecosystem.
As venture funding becomes more selective, established financial institutions and well-capitalised fintech firms are pursuing acquisitions to gain technology, licences and market access instead of building new capabilities from scratch.
Cross-border payments remain one of Africa’s fastest-growing fintech segments, driven by rising intra-African trade, remittances and demand from businesses operating across multiple jurisdictions.
By combining Zedcrest’s investment and financial services expertise with Leatherback’s payments infrastructure, the merged entity is expected to compete more aggressively in the international payments market.
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