Leatherback, a UK-based cross-border payment platform, has today announced its Pre-Seed funding round agreement worth $10 million. This deal was funded by Zedcrest Capital, a prominent pan-African principal investor firm. This funding will enable the Fintech company to concentrate on key activities such as hiring strategic roles and elevating its marketing and branding strategies. It will also allow it to gain traction and visibility in the marketplace.
Leatherback provides a multi-currency solution that allows individuals and businesses to transact globally quickly and efficiently via its digital payments infrastructure. It is committed to encouraging business expansion across all continents and to removing any barriers to business growth.
Co-Founder and CEO, Ibrahim Toyeeb says, “Some of the funding will be deployed to raise Leatherback’s profile in the Fintech arena as well as extend its capacity in the many countries it’s licensed in and 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 says.
Toyeb and his associate founded the company before receiving pre-seed funding. “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.”
Toyeb said that Zedcrest Capital knows about the opportunity Leatherback is seeking. “It has seen first-hand the bottlenecks around global commerce and banking opportunities for companies in frontier markets once they have operations or ambitions beyond their immediate geography.”
Zedcrest Capital’s Group Managing Director, Adedayo Amzat, says: “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.”
Zedcrest Capital will provide strategic and operational support to Leatherback. 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,” notes Toyeeb.
The CEO’s 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 includes identity verification, payment processing, capital lending, and scaling across multiple markets.