Nigeria founded UK-based digital payment platform Leatherback has secured $10 million in pre-seed funding from Zedcrest Capital, a leading pan-African principal investment firm. The funding will allow the startup to focus on critical activities, including hiring strategic roles, elevation in its marketing and branding strategy, and traction and visibility in the market.
Leatherback provides a multi-currency solution that enables businesses and individuals to perform global transactions swiftly and efficiently via its digital payments infrastructure while boosting business expansion and reducing barriers to growth across continents.
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In a statement, Co-Founder and CEO Ibrahim Toyeeb said, “Some of the funding will be deployed to raise Leatherback’s profile in the Fintech arena and extend its capacity in the many countries it’s licensed in where it is about to be approved. These include South Africa, Egypt, Uganda, India, and the UAE.”
“Building local capacity is not easy, yet it is core to how we operate at Leatherback. The capital injection will further strengthen the value we provide by ensuring a solid presence and infrastructure so we can offer solutions directly to customers with better pricing,” he added.
Adedayo Amzat, Zedcrest Capital’s Group Managing Director, revealed, “As principal investors, we love opportunities where we can bring our expertise to bear. It has been rewarding to provide operational and strategic support to Leatherback in its quest to build the perfect compliance, technology, and finance infrastructure that will allow it to be the operating system of choice for the global mobility of businesses and individuals.”
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According to Toyeeb, the primary ambition is for the digital payments platform to become a single one-point solution for businesses with access to tools to improve their global presence. This will include identity verification, payment processing, and even capital lending to scale across multiple markets.
“Leatherback will benefit from operational and strategic support provided by Zedcrest Capital. The guidance will help enhance the company’s quest to position itself as much more than a global neobank or payment platform. “We intend to provide all the tools businesses need to achieve a truly global presence,” he said.
What To Know About Leatherback
- Leatherback is a UK-based digital payments platform founded in 2019. The FCA regulates the startup in the UK, Fintrac in Canada, the Central Bank of Nigeria and other regulatory authorities in licensed countries.
- In addition to promoting business expansion and removing barriers to business growth across continents, the startup said it offers a multiple currency solution that allows businesses and individuals to conduct global transactions quickly and efficiently through its digital payments infrastructure.