UK remittance startup Leatherback raises $10 million

Leatherback, a UK startup for international remittance payments for migrant workers and multi-currency businesses, has raised $10 million in a pre-seed round led by pan-African funding agency ZedCrest capital.

The Leatherback business account offers trading in 24 currencies, virtual cards for cross-border transactions, a collections API and support for bulk payments. Individual accounts feature a multi-currency wallet, virutal debit cards and savings features.

Licensed in the UK and Canada, Leatherback has outsourced some of the heavy lifting to Currency Cloud, ClearBank, YES Bank in India and KYC supplier 4Stop. The firm has also formed relationships with about three banks in each country it operates in.

Co-founder and CEO Ibrahim Toyeeb says the funding will “be deployed to lift Leatherback’s profile within the fintech area in addition to prolong its capability within the many nations it’s licensed in and the place it’s about to be permitted. These embrace South Africa, Egypt, Uganda, India, and the UAE”.