Nigerian Fintech Company, Leatherback Notches Up N4.1 Billion Funding to Expand Across Africa
- Leatherback, a fintech company has secured over N4 billion funding in a pre-seed round which the said it will use to expand across Africa
- The company, through its co-founder and CEO, Ibrahim Toyeeb said the company has been running on founders funds and believes the new investment will go a long way
- Zedcrest which led the funding said that funding Leatherback is an opportunity the company will not want to miss
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A Nigerian-UK fintech startup, Leatherback limited has secured N4.1 billion funding ($10 million) in a pre-seed series for an across-Africa expansion which was led by Zedcrest Capital, the top Africa-wide principal investment company.
The company said the new funding will spur it to focus on important tasks of hiring strategic roles, marketing and branding strategy, traction and visibility in the market, according to a Nairametrics report.
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Raising Leatherback's profile in the fintech space
Part of the funding will be used to raise the company’s profile in the fintech ecosystem and expand its capacity in the many countries where it is licensed and operates, including places like South Africa, Egypt, Uganda, India and the UAE where it is about to be approved.
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The co-founder and CEO of the company, Ibrahim Toyeeb said the investment is the company’s first as it uses funds provided by the owners to run the company.
According to him, this is the first external funds Leatherback has got, describing it as a massive step towards taking their business and vision to new heights.
Toyeeb said producing local talents is not easy despite being the core of the company, adding that the injection of funds will strengthen the value the startup provides by ensuring a robust presence.
A cross-border payment system blazing the trail
Zedcrest Capital Group Managing Director, Adedayo Amzat stated that Zedcrest loves opportunities where it can bring experience to bear, saying funding a startup like Leatherback has been rewarding.
Leatherback, a Nigerain-UK based cross border payment platform is regulated by the Financial Conduct Authority (FCA) in the UK and Fintrac in Canada.
The company has a presence in Nigeria and many other countries where it offers services in 13 currencies across the world.
The Big Cabal Media joins the big boys, secures N954.5 million funding
Legit.ng has reported that the Big Cabal Media has been handed over N900 million in seed funding to expand its reach.
The funding was led by Mac Venture Capital, Luminate, Unicorn Group, Future Africa and other investors.
The startup stated that it plans to expand its product, serve its staff and clients with the latest funding.
Source: Legit.ng
