Nigerian financial services firm Zedcrest Group has acquired UK-founded cross-border payments startup Leatherback in a deal valued at an undisclosed amount, strengthening its position in Africa’s fast-growing digital financial services sector.
Following the acquisition, Leatherback will continue operating as an independent subsidiary within the Zedcrest Group, retaining its existing brand identity and management team as the company expands its cross-border payments offering across multiple markets.
The transaction marks the next phase of a relationship that began in 2021 when Zedcrest participated in Leatherback’s $10 million pre-seed funding round. The latest deal reflects the group’s broader strategy of building an integrated financial services ecosystem through targeted investments and acquisitions, Brandspur Banking News Desk reports.
The acquisition also follows Zedcrest’s expansion efforts in Nigeria’s capital market after its 2024 purchase of RMB Nigeria Stockbrokers, reinforcing its ambition to offer a broader range of financial services spanning investment, brokerage and payment solutions.
Cross-border payment services have become increasingly important for African businesses, freelancers and individuals seeking faster and more efficient international transactions. By bringing Leatherback into its portfolio while allowing it to operate independently, Zedcrest is expected to strengthen its capabilities in international payments while preserving the startup’s operational flexibility and customer-focused approach.
The companies did not disclose the financial terms of the transaction or indicate whether there would be changes to Leatherback’s existing products and services. The acquisition nevertheless represents another significant consolidation move within Africa’s fintech and financial services landscape as established financial institutions continue investing in technology-driven payment platforms to meet growing demand for seamless global transactions.
