UK-based cross-border payments platform, Leatherback has announced its pre-seed funding round deal worth $10 million, attracting funding from Zedcrest Capital, a leading pan-African principal investment firm.Thank you for reading this post, don't forget to subscribe!
According to Leatherback, the funding will allow the growing Fintech company to focus on critical activities, including hiring strategic roles, elevation in its marketing and branding strategy, and traction and visibility in the market.
‘‘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,” co-founder and CEO Ibrahim Toyeeb said.
He said, “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. 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.”
Group managing director, Zedcrest Capital, Adedayo Amzat, 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. We intend to provide all the tools businesses need to achieve a truly global presence.’’