On Wednesday, Ibrahim Ibitade, the former CEO of Leatherback, launched Prune Payments, a cross-border payments company.
This move comes months after Ibitade stepped down from his role at Leatherback, a company he co-founded.
Read also: Nib International Bank launches Amber Pay, Paystream to enhance payment, business transactions
Ibitade left Leatherback to prioritise family life
Ibitade left Leatherback to focus on his family. In a 2024 interview, he stated, “I want to start a family. I should be married now with kids, but I’m not. My dream and goals of being a family man do not align with the requirements of the job right now. It’s not something that I can juggle”.
Despite this, he has returned to the startup scene with Prune Payments, a direct competitor to his former company.
According to its website, Prune Payments offers similar features to Leatherback, including multi-currency wallets and remittance services.
LinkedIn posts suggest that Prune Payments began operations in December 2024, just two months after Ibitade left Leatherback.
However, it appears that user signups and registrations for Prune Payments are currently inactive.
Read also: MyBucks Zambia seized by Bank of Zambia: What it means for you
Ibitade’s new company sparks Leatherback exit questions
The launch of a competing company raises questions about the circumstances surrounding Ibitade’s departure from Leatherback. He mentioned disagreements with Zedcrest Capital, a major investor in Leatherback, indicating a misalignment of goals and visions.
A statement from Leatherback announcing his departure did not provide specific reasons but acknowledged the company’s growth under his leadership, noting that “Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services.”
During his five years with Leatherback, the company secured $10 million in pre-seed funding from Zedcrest Capital in 2022, gained over 60,000 users, and processed over $300 million monthly.
It operates in eight countries: Canada, Nigeria, the United Kingdom, Sri Lanka, Pakistan, Nepal, Ethiopia, and India.
Prune Payments Ltd. was founded in September 2011, with Toyeeb Ibitade Ibrahim holding a 100 per cent stake.
According to Pomanda, a company information platform that provides the most complete data on the UK market estimated the Prune Payments turnover at £704,000.