Zedcrest Strengthens Position with Acquisition of Cross-Border Payments Fintech

Nigerian financial services group Zedcrest has acquired Leatherback, a cross-border payments startup it previously backed. The acquisition signals a strategic move by Zedcrest to integrate fintech infrastructure into its broader financial offerings.

The deal, which closed Monday for an undisclosed amount, will see Leatherback operate independently while becoming part of Zedcrest’s ecosystem. This follows similar acquisitions by investors looking to consolidate payment infrastructure under one roof—a trend seen with OmniRetail and Traction Apps earlier this year.

Why the Acquisition Makes Sense

Leatherback provides Zedcrest with critical capabilities in collecting, holding, converting, and moving money across borders—complementing its existing businesses in lending (through Zedvance Finance), investment management, and financial advisory. By controlling this infrastructure, Zedcrest can enhance customer experience, create new revenue streams, and better serve clients seeking cross-border payment solutions.

The acquisition also gives Leatherback access to Zedcrest’s resources and distribution network, potentially accelerating its expansion into new markets while navigating regulatory complexities—a significant advantage in the fragmented African fintech landscape.

Background on the Deal

Zedcrest initially invested in Leatherback during a $10 million pre-seed round in 2021. While the startup faced operational challenges and leadership changes, its potential as a strategic asset remained clear—particularly given growing demand for seamless cross-border payment solutions across Africa.

This acquisition highlights a broader trend among African investors who are actively seeking to build comprehensive financial services platforms rather than simply exiting portfolio investments.