Leatherback, a UK and Nigeria-based cross-border payments startup, is pivoting to a new chapter with substantial boardroom changes after a tumultuous period marked by legal challenges and investor interventions. In a decisive move to stabilize and rebuild its corporate structure, Leatherback has appointed Toni Campbell, an investor from Kinfolk Venture Capital, as its new CEO, signaling the end of co-founder Ibrahim Ibitade’s tenure as chief executive.
Restructuring and New Leadership
Leatherback’s leadership change reflects a broader restructuring aimed at restoring confidence and charting a clearer strategic direction. The startup recently relocated its UK operations to London’s prominent Docklands district, a move which, alongside board reshuffling, is part of an extensive overhaul. Campbell, initially appointed interim CEO, now takes the helm as the official CEO, with a mandate to restore stability and guide the company’s growth. Joining him on the board is Adedayo Amzat, Group Managing Director and CEO of Zedcrest Group, Leatherback ’s lead investor, as a non-executive director.
The appointment of Campbell and Amzat marks a significant shift in Leatherback’s governance, as investors now occupy central roles on the board. While former CEO Ibitade remains a significant shareholder alongside co-founder Oluseyi Akinbi, who is also Managing Director of Zedcap Partners Limited, operational control has shifted decisively to the new board members. Zedcrest Group, through its venture arm, Zedcrest Capital, which led the $10 million pre-seed round two years ago, retains a minority interest but exercises strategic oversight.
Challenges and Controversy
Leatherback ’s CEO shakeup follows a challenging period for the startup. In 2023, Ibitade faced scrutiny when it emerged that an entity known as SDQ Facilitators had allegedly used a Leatherback account to conduct fraudulent transactions totaling $10 million. Although Leatherback has not provided further details regarding Ibitade’s departure, the controversy surrounding the account incident cast a shadow over the company and prompted concerns among stakeholders.
Despite these issues, Leatherback has maintained that its compliance protocols are sound. In a recent statement, the company reiterated its adherence to regulatory standards, referencing its partnership with Community Federal Savings Bank in the United States as evidence of its robust Know Your Customer (KYC) and Know Your Business (KYB) procedures.
Investor Influence and Patterns of Collapse
Leatherback’s recent debacle reflects a pattern of investor-led ousters that have proven fatal for other African startups. The sudden loss of control has plagued founders of Ghana’s Dash, Nigeria’s 54gene, Kenya’s iProcure, and Egypt’s Capiter, all of which ultimately shut down after similar boardroom conflicts. With investors taking the reins at Leatherback, the company’s future now hinges on its ability to navigate this fragile transition effectively.
However, stakeholders are cautiously optimistic that Leatherback’s renewed focus on compliance, oversight, and strategic partnerships will set it apart from its predecessors and allow the startup to avoid a similar fate.
Toni Campbell steps into his role with a focus on strengthening Leatherback’s operational cohesion and advancing its market positioning in the competitive cross-border payments sector. “I’m deeply humbled by the opportunity to lead an organization that’s redefining how people and businesses connect globally,” Campbell stated. His initial priorities include enhancing collaboration and transparency within the organization, alongside optimizing Leatherback’s offerings to foster seamless, cross-border financial transactions.
Leatherback is positioning itself in an increasingly competitive landscape for cross-border payments, targeting a segment that includes migrants, international students, and businesses requiring reliable, multi-currency solutions. With existing players like Revolut and Wise leading the sector, Leatherback has aimed to carve out a niche by offering localized, Africa-focused alternatives. Its multi-currency accounts allow users to transact seamlessly across several jurisdictions, including the UK, Canada, Nigeria, Egypt, South Africa, and the UAE.
The startup’s $10 million pre-seed round, led by Zedcrest Capital, was intended to fund its expansion across additional markets, including India and East Africa. However, recent events have refocused the company’s strategy on building a solid, compliant infrastructure to support growth ambitions without compromising security or regulatory alignment.
Leatherback’s future under Campbell’s leadership will depend on the startup’s ability to regain trust and execute its vision of becoming a preferred platform for cross-border transactions in emerging markets. With investors firmly at the helm, the company is likely to prioritize strong governance, transparency, and customer-centric solutions. Leatherback’s strategy will test whether the newly structured board can guide the company past its recent hurdles and into a stable, growth-focused trajectory that meets investor expectations and regulatory requirements.
As Leatherback transitions from its past turbulence, its success in balancing investor influence with operational independence will be crucial in determining its long-term position in the global fintech landscape.