Ibrahim Ibitade, the co-founder and CEO of Leatherback, a rising star in the cross-border payments space, has officially stepped down after five years of spearheading the company’s growth and international presence. Leatherback, a platform widely regarded as an alternative to Mercury for African startups, confirmed this transition, expressing gratitude for Ibitade’s leadership in expanding the company’s footprint globally and solidifying trust in its financial services.
While the company did not provide a detailed reason for Ibitade’s departure, his exit marks a pivotal moment for Leatherback, which has seen impressive growth in recent years. Leatherback operates in multiple markets, including Nigeria, the UK, Canada, and India, providing seamless transactions across 15 currencies. Additionally, it is regulated by various authorities, including the Financial Conduct Authority (FCA) in the UK, bolstering its reputation as a trusted financial services provider.
In response to the leadership shift, Toni Campbell, a managing partner at Kinfolk Venture Capital, has been appointed as the interim CEO. Campbell has expressed excitement about leading the company through this new chapter, focusing on strengthening its mission of enabling seamless, borderless payments worldwide. “We aim to redefine financial solutions across borders and continue delivering value to our customers,” Campbell said.
Adedayo Amzat, the CEO of Zedcrest Group—Leatherback’s primary investor—will also assume a non-executive director role on the board. With the addition of Campbell and Amzat, Leatherback is expected to remain well-positioned for growth despite this change.
From Expansion to Leadership Transition
Leatherback’s ambitions to rival platforms like Mercury have driven strategic efforts to ensure compliance with Know Your Customer (KYC) and Know Your Business (KYB) processes. The company built solid partnerships with key banking institutions, including Community Federal Savings Bank in the U.S., to support these efforts.
Notably, the company overcame scrutiny by Nigerian authorities in 2023 when it was investigated by the Economic and Financial Crimes Commission (EFCC) for potential fraudulent activity. Leatherback’s full cooperation led to the clearing of all allegations, marking a significant moment in restoring its reputation and refocusing on its mission of simplifying global payments.
What’s Next for Leatherback?
As Leatherback navigates this transition, Campbell’s appointment and Amzat’s strategic advisory role reflect the company’s intention to maintain its momentum. Leatherback continues to attract businesses and individuals seeking an efficient, multi-currency platform, reaffirming its aim to deliver cross-border solutions that empower global growth.
This leadership shift offers an opportunity for Leatherback to explore new markets, redefine its value proposition, and enhance customer trust during this transitional period. With the company’s commitment to innovative financial services, the future remains bright for the fintech startup.
This transition reflects not just a leadership change but a new phase in Leatherback’s journey—one that will likely be marked by further expansion and a renewed focus on customer-centric financial solutions.