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Leatherback CEO Steps Down as VC Partner

October 24, 2024

Leatherback CEO steps down as VC Partner, after five years of leading the cross-border payments startup as Toni Campbell takes interim lead.

Per TechCabal, while the company did not disclose the reason for his exit, Toni Campbell, a managing partner at Kinfolk Venture Capital, will take over as interim CEO.

Adedayo Amzat, Group Managing Director and CEO of Leatherback’s lead investor, Zedcrest Group, will join the company as a non-executive director. Zedcrest Capital led Leatherback’s 2022 $10 million pre-seed funding round.

Leatherback expressed gratitude for Ibitade’s dedication, wishing him well in his future endeavours. The company added, “Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services.”

Taking on the role of interim CEO, Campbell said, “We have the opportunity to redefine global financial solutions, and our mission remains clear: to empower seamless movement of money across borders while strengthening trust and delivering exceptional value to our customers.”

Following the leadership changes, Leatherback affirmed, “With this experienced leadership team, Leatherback is well-positioned to continue its journey as a top player in global financial services, making cross-border payments borderless and more accessible for all.”

Ibitade’s stepping down comes nearly a year EFCC declared him wanted

Ibitade’s stepping down comes nearly a year after the Economic and Financial Crimes Commission (EFCC) declared him wanted in November 2023 for allegedly conspiring to obtain money under false pretence. However, the company under investigation was SDQ Financials, an unregulated entity that lost billions in client funds in questionable FX deals, some of which were received using Leatherback’s services.

The EFCC later removed the post from its Instagram handle, and the fintech startup stated it had been cleared of any wrongdoing.

Leatherback is headquartered in London and is regulated in Nigeria, the United Kingdom, Canada, and other countries. The startup claims to have over 30,000 customers on its platform. Individuals and businesses from more than 20 countries, including Nigeria, Canada, and the United Kingdom, can access up to 15 currencies, including NGN, GBP, INR, EUR, and USD.

As of June 2023, Leatherback was said to have processed $500 million in monthly transactions and was nearing the $1 billion mark by the end of the year.

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