Zedcrest Group acquires cross-border payments startup Leatherback in global fintech push

For Adeyemi Adesanya, a Lagos-based entrepreneur, the acquisition of Leatherback by Zedcrest Group is a double-edged sword. On one hand, it validates the potential of African fintech startups in the global market. On the other, it raises concerns about the competitive landscape and the ability of smaller players to keep up with the big guns. As a startup founder himself, Adesanya knows that the fintech space is cutthroat, and the stakes are high. The acquisition, he believes, will have a ripple effect, forcing smaller players to innovate faster and smarter to remain relevant.

Zedcrest Group's acquisition of Leatherback is a strategic move to dominate Africa's cross-border payments market, projected to be worth $1 trillion by 2035. With Leatherback's impressive platform and technology, Zedcrest is poised to accelerate its journey in this space, leveraging the strength of its ecosystem. The acquisition also formalises a relationship that began in 2021 when Zedcrest invested in Leatherback's $10 million pre-seed funding. This strategic partnership has been a long time coming, and Zedcrest has decided to take the plunge.

For Leatherback, the acquisition will give the company greater financial backing to pursue expansion into new markets, obtain regulatory licences, and deepen banking partnerships. This is a significant boost to the company's plans, which were previously held back by limited resources. With Zedcrest's support, Leatherback can now focus on scaling its operations and increasing its market share. The deal also strengthens Zedcrest's push to build an integrated financial services group, giving it greater exposure to Africa's fast-growing cross-border payments market.

Leatherback has had its fair share of challenges, including a leadership overhaul in 2025 and a high-profile investigation in 2023. However, the company has emerged stronger, with a new CEO at the helm and a renewed focus on its core operations. The acquisition by Zedcrest is evidence of Leatherback's resilience and ability to bounce back from adversity. It's a reminder that even the most turbulent pasts can't define a company's future.

Zedcrest's acquisition of Leatherback is part of a larger trend in African fintech, where startups are increasingly looking to expand their operations globally. This is driven by the growing demand for digital financial services, particularly in the cross-border payments space. With the right support and resources, African fintech startups can compete with the best in the world, and this acquisition is a step in the right direction.

The acquisition marks a new era for Zedcrest and Leatherback, one that will see both companies pushing the boundaries of what's possible in the fintech space. As Adesanya puts it, "The opportunity in borderless financial services remains significantly underpenetrated, and this acquisition aligns with Zedcrest's strategy of building a portfolio of trusted, scalable, and globally relevant businesses." With this deal, both companies are poised to make a significant impact on the global fintech stage.

Zedcrest's acquisition of Leatherback is a turning point for African fintech, and it will have far-reaching implications for the industry as a whole. As the fintech space continues to evolve, one thing is clear: Nigerian startups will need to innovate faster and smarter to remain relevant.