Leatherback, a UK-based cross-border payment platform, with a presence in Nigeria and other countries, has just secured its first-ever investment funding of $10 Million which is the largest pre-seed funding by an African-related firm. Announcing on Tuesday, 5th April, Ibrahim Toyeeb Ibitade, Co-Founder and CEO, expressed his joy at the pre-seed fund as the company had since been running on owners’ funds. In his words, “This is the first time we have raised funds externally. It’s a massive step forward that will allow us to take our business and our vision to the next level.”
Further speaking on the disbursement of the funds, he said the company would use the funds to expand their operations by concentrating on crucial activities that can elevate the company’s profile in the Fintech industry. Areas such as hiring strategic roles, marketing, and branding strategy, and getting traction and visibility in the market would be duly focused on, to increase capacity both in licensed partner countries and countries where the licensing processes are ongoing, such as South Africa, Egypt, Uganda, India, and the UAE. The CEO stated that “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.”
Speaking on the reason for taking such a huge investment decision, Adedayo Amzat, Zedcrest Capital’s Group Managing Director, expressed his understanding of the potential of the Fintech company and the positive implications of its offerings for businesses and individuals. He said, “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.”
Fintech’s offerings and services are geared toward allowing businesses and individuals to make cross-border transactions with ease, using their diverse digital payment solutions. The pre-seed funding has further strengthened Leatherback’s commitment to promoting business expansion and removing barriers to business growth across the globe.
