Embattled Leatherback Pivots to Enterprise Payments in New Phase

STARTUP VENTURE CAPITALAugust 25, 2025 at 2:18 PM UTC

TLDR

Leatherback has unveiled a new executive team as it shifts its focus from retail remittances to enterprise payments infrastructure
Ochebhoya Ekpete, formerly of Cellulant, Interswitch, and Stripe, has been appointed CEO, joined by VP of Product and Operations Usman Amusat and CTO Mayowa Afe-Ogundele
Leatherback is leaning on licences in the UK and Canada to offer multi-currency accounts and cross-border rails in over 180 currencies

Leatherback, the Nigerian cross-border fintech, has unveiled a new executive team as it shifts its focus from retail remittances to enterprise payments infrastructure, following a period marked by fraud investigations and internal disputes.

Ochebhoya Ekpete, formerly of Cellulant, Interswitch, and Stripe, has been appointed CEO, joined by VP of Product and Operations Usman Amusat and CTO Mayowa Afe-Ogundele. Together they bring 35 years of experience as the company aims to rebuild revenue streams and strengthen compliance.

Cleared by Nigeria’s EFCC earlier this year, Leatherback is leaning on licences in the UK and Canada to offer multi-currency accounts and cross-border rails in over 180 currencies. Its model targets fintechs, corporates, and mid-market clients, while maintaining retail remittances for liquidity and brand visibility.

Ekpete said the company is “self-sustaining,” with revenues covering expenses, but declined to confirm profitability. Revenue comes from transaction, FX, collection, and onboarding fees. The company employs over 60 staff and recently introduced share options, overtime pay, and performance-based incentives.

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Key Takeaways

Leatherback’s pivot reflects a broader shift among African fintechs: moving away from crowded consumer remittance markets toward infrastructure plays. By offering multi-currency rails, enterprise APIs, and regulatory compliance across markets, the company is positioning itself as financial plumbing for Africa’s digital economy. Execution will be challenging. Infrastructure bets require costly licences, slow regulatory approvals, and partner integrations. Yet Leatherback’s in-house core banking system and payments ledger give it control over pricing and quality—an advantage in a sector where trust and margins are thin. The leadership reset, cultural reforms, and enterprise-first strategy suggest Leatherback sees its future not as a household brand, but as the backbone powering other fintechs’ services. Success will depend on whether it can translate its regulatory footholds in the UK and Canada into a wider African footprint, while restoring confidence after a turbulent chapter.

Startups

Fintech

Remittances

Leatherback

Cross-Border Payments