"During Ibitade's tenure, Leatherback significantly broadened its international footprint and became a reliable partner in cross-border financial services," the company stated. "We appreciate his commitment and wish him success in his future pursuits."
Leatherback did not disclose the reasons behind Ibitade's departure.
Toni Campbell, a managing partner at Kinfolk Venture Capital, has been appointed as the interim CEO. "I am eager to guide Leatherback through this crucial phase," Campbell remarked. "We have a unique opportunity to transform global financial solutions, and our mission is clear: to facilitate the seamless transfer of money across borders while enhancing trust and providing exceptional value to our clients."
Adedayo Amzat, Group Managing Director and CEO of Zedcrest Group, Leatherback's primary investor, will take on the role of non-executive director at the company.
"With this seasoned leadership team, Leatherback is well-equipped to continue its trajectory as a leading entity in global financial services, making cross-border payments more accessible and borderless for everyone," the statement concluded.
In addition to a range of local cross-border applications, Leatherback has started marketing itself to African startups as an alternative to Mercury.
"Collaborating with Community Federal Savings Bank, one of our local partner banks in the United States, we dedicated two years to demonstrating our compliance with standard KYC and KYB processes, as well as our transaction monitoring procedures, which provided them with the necessary assurance," the company added.