Ibrahim Ibitade talks about founding Leatherback and processing $500m monthly by end of 2024

Cross-border transactions have continued to present significant challenges for businesses on the African continent and indeed developing countries around the world. This is despite the rapidly disappearing borders, enabled by technology, that have shrunk the world into what is truly a global village. While businesses, with the help of innovation, continue to reach global markets, payments, on the other hand, appear to be lagging.

This is the overarching problem that the financial technology startup, Leatherback hopes to fix. In a chat with Technext, CEO and Founder, Ibrahim Ibitade said he was driven to found the startup after identifying 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. The startup was founded in 2022 to bridge the gap.

“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. Our research revealed that existing fintech solutions either lacked robustness in currency options or were limited in their international payment capabilities,” he told this reporter.

He also noted that, unlike his startup, many fintech platforms also did not offer integrated features such as invoicing, analytics, and permissions management, all tailored specifically for businesses operating in diverse markets.

Ibrahim Ibitade’s early foray into international financing

Ibrahim Ibitade grew up in a family deeply immersed in the world of trade. His parents and more than 50 direct relatives imported goods from China and other countries and sold them at Africa’s largest trading and retail hub, Balogun Market. Ibrahim practically grew up in the market and from an early age started learning how to take stock of goods, attend to customers, drive bargains, collate cash sales, balance books, and even communicate with suppliers in China and other Asian countries and receive new merchandise from them.

“As early as 12 years old, I was put in charge of operations when my father traveled abroad. These experiences gave me deep insights into the difficulties faced by SMEs,” he said.

Ibrahim would go on to obtain a degree in politics and international relations as well as two law degrees before working in payments and finance for more than nine years. One of those experiences includes working for Aza in Nigeria and London where he led the business development team for a leading global fintech company, growing its revenues from USD 5m per month to almost USD 100m per month over three years.

It was with this experience that he gained further insight into global financing and the acute shortcomings therein.

“My experience in London exposed me to a major deficiency in the fintech space. I found it extremely alarming that firms focused on exchanges and the payment of importers without thinking deeply about what businesses need. The global banking infrastructure was not geared towards providing easy global services for businesses to scale or to promote impactful economic development. I saw businesses lose huge transformational opportunities because they had no seamless way of collecting money abroad,” he said.

Thus, Ibrahim Ibitade’s mission with Leatherback was clear; transforming global financial access for individuals and businesses. But then, a lot of Nigerian fintechs with international licenses would say they have similar goals and even provide the same service. So why is this fintech different? What is unique about the company and what stands its service out from the lot?

Ibrahim admitted that there are several players in the fintech industry offering similar services. He pointed out, however, that Leatherback is unique in that it has a comprehensive offering of up to 15 currencies from 21 countries, along with a strong focus on providing a user-friendly platform that caters to both individual and business needs. Finally, he said the startup’s commitment to continuous innovation and customer-centric approach has allowed them to carve out a distinct niche in the market and ultimately set them apart from competitors.

Impressive milestones amid global expansion

Leatherback raised $10 million upon its launch and hasn’t looked back since then. Currently, the fintech company boasts 60,000 customers across both individual and business segments. It has also witnessed significant interest and adoption from both individual users and businesses seeking comprehensive financial solutions that enable seamless cross-border transactions.

Ibrahim Ibitade says his startup currently powers over 800,000 transactions a month while processing over $300 million monthly. He said the startup is projected to hit $500 million in monthly transactions before the end of 2024.

“This achievement highlights the robustness of our platform as it equates to an impressive volume of over 500 billion Naira monthly, indicating our steady trajectory towards processing over 1 trillion Naira monthly across various currencies and countries,” he said.

The startup has also made significant strides in expanding its global reach and capabilities, gaining approval to process remittances in Sri Lanka, Nepal, and India where it partnered with Yes Bank. It has also partnered with MCB Bank, one of Pakistan’s largest commercial banks, as well as with People Trust Bank in Canada to give Canadians access to global financial services.

The startup recently obtained approval as an Electronic Money Institution in the United Kingdom and according to its CEO, will be launching in some new markets during the year.

The fintech has also unveiled its API project, describing it as 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,” Ibrahim said.

See also: Leatherback set for international growth as EFCC drops all fraud and misconduct allegations