How Nigeria’s Leatherback breaks down regional obstacles to financial services
Ibrahim Ibitade, a Nigerian, developed Leatherback, a global banking service provider that offers comprehensive financial services across several nations, thereby removing geographic barriers for consumers and enterprises.
In order to close the gap between developing and frontier markets, Leatherback was founded in late 2022. It enables users to send and receive money both locally and globally with ease, streamlining and optimizing transactions.
“Our platform empowers businesses to manage their finances with greater control and insight by offering advanced features like analytics, permissions management, and invoicing,” Ibitade stated.
“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.”
According to Ibitade, the business has discovered a “significant gap” in the market for all-inclusive, international financial services that meet the demands of people and companies who operate internationally.
“It is difficult for users to navigate global financial landscapes seamlessly because traditional banking systems frequently impose restrictions and complexities when it comes to cross-border transactions,” the speaker stated.
According to our analysis, the fintech solutions that were already in place were either not strong enough in terms of currency possibilities or had insufficient support for making international payments. Moreover, a lot of systems lacked integrated capabilities like analytics, permissions management, and invoicing that were designed especially for companies in a variety of marketplaces.
Regarding competition, Ibitade acknowledged that a number of firms in the fintech space provide services that are comparable to those provided by Leatherback. However, he believes Leatherback is unique among the others.
“We set ourselves apart with our extensive range of up to 15 currencies from 21 different countries and our emphasis on offering a user-friendly platform that meets the needs of both individuals and businesses.” We have been able to carve out a distinct position in the industry because to our commitment to ongoing innovation and customer-centric approach, which sets us apart from competitors, according to Ibitade.
Early in its development, Leatherback completed a US$10 million fundraising round, and it has survived ever since on sales.
Currently, it handles more than $300 million in transactions per month. Transaction fees, subscription-based business models, and value-added services are how it makes money.
“We have achieved great progress in extending our global reach and capabilities, in addition to our financial accomplishments. Getting permission to handle remittances into Nepal, Sri Lanka, and India as well as expanding our presence in important foreign markets are two noteworthy accomplishments. In addition, we finished developing our Canadian Interac and EFT account issuance capabilities, which improved our local presence and service offerings, according to Ibitade.
In the meantime, the business has also revealed its API project, a crucial project that enables businesses to easily meet their international payment needs.
“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.
