Leatherback, a global banking service provider founded by Nigerian Ibrahim Ibitade, is removing geographical restrictions for individuals and businesses by providing comprehensive financial services across multiple countries.
Founded in late-2022 to bridge the gap between frontier markets and developed markets, Leatherback allows users to seamlessly send and receive money locally and internationally, making transactions easier and more efficient.
“For businesses, our platform offers advanced features such as invoicing, analytics, and permissions management, empowering them to manage their finances with greater control and insight,” Ibitade said.
“At Leatherback, we are committed to breaking down barriers to global financial access and mobility. By offering a single access point and building best-in-class financial, payment, and commerce solutions, we strive to empower individuals and businesses to thrive in an increasingly interconnected world.”
Ibitade said the company had identified a “significant gap” in the market for comprehensive, borderless financial services that cater to the needs of both individuals and businesses operating across multiple countries.
“Traditional banking systems often impose restrictions and complexities when it comes to cross-border transactions, making it challenging for users to navigate global financial landscapes seamlessly,” he said.
“Our research revealed that existing fintech solutions either lacked robustness in currency options or were limited in their international payment capabilities. Furthermore, many platforms did not offer integrated features such as invoicing, analytics, and permissions management tailored specifically for businesses operating in diverse markets.”
In terms of competition, Ibitade said he recognises that there are several players in the fintech industry offering similar services to Leatherback’s. Yet he thinks Leatherback stands out from the crowd.
“We differentiate ourselves through our comprehensive offering of up to 15 currencies from 21 countries, along with our focus on providing a user-friendly platform that caters to both individual and business needs. Our commitment to continuous innovation and customer-centric approach sets us apart from competitors, allowing us to carve out a distinct niche in the market,” Ibitade said.
Leatherback raised a US$10 million funding round early in its journey, and since then has sustained itself through revenues. It now processes over US$300 million in transactions monthly, and generates revenue through a combination of transaction fees, subscription-based models, and value-added services
“In addition to our financial milestones, we have also made significant strides in expanding our global reach and capabilities. One notable achievement was gaining approval to process remittances into India, Sri Lanka, and Nepal, and broadening our footprint in key international markets. Furthermore, we completed the development of our Interac and EFT account issuance capabilities in Canada, enhancing our local presence and service offerings,” said Ibitade.
Meanwhile, the company has also unveiled its API project, a pivotal initiative that empowers companies to fulfill their international payment needs seamlessly.
“This project represents the culmination of our global connectivity plans, enabling businesses to leverage our platform for efficient and secure cross-border transactions. Overall, these milestones collectively demonstrate our unwavering dedication to innovation, growth, and delivering value to our customers on a global scale,” said Ibitade.
