London-based challenger bank Leatherback has powered up to offer its cross-border trade services to businesses and individuals in the UK and beyond.
The neobank was founded in 2019 and has been active on social media for some time. But it’s now officially live for the tech world to see.
Leatherback is inspired by the leatherback sea turtle, a nomadic creature that roams the seas from the northern regions of the Arctic, to as far south as the Pacific, “without self-imposed restrictions to hinder its movements”.
The neobank will no doubt be looking for smooth and swift travels in fintech via its multi-currency solution.
Leatherback Founder and CEO, Ibrahim Toyeeb, says: “It’s no secret that emerging markets are the principal drivers of global growth. Given this reality – and the fact that the COVID-19 pandemic has imposed numerous restrictions on travel and commerce – Leatherback was formed to simplify global trade for people and operations everywhere, allowing them to seamlessly move money from one continent to the next.”
The startup will have plenty of competitors in terms of cross-border matters. Names include Azimo, BrainTree, MoneyGram, Revolut, Small World Financial Services, Token, Western Union, Wise (formerly TransferWise) and Zepz (formerly WorldRemit).
Leatherback is targeting its solution at exporters and importers, immigrant-owned businesses, international students, the migrant population in general, and tourists and multinationals with foreign operations that require financial solutions, payments or foreign exchanges.
The neobank offers multi-currency accounts with the option to exchange currency across multiple countries, including the UK, Canada, India, Nigeria, Egypt, Uganda, Tanzania, Angola, South Africa, the UAE, Denmark, Ghana and Côte d’Ivoire. The organisation enables clients to create local and foreign accounts to give them the option to remit funds across 40 countries, while businesses can invoice and collect directly in over 13 currencies.
The fintech startup also provides virtual cards and a collections API for accepting money globally.
Leatherback says it is regulated by the FCA in the UK, Fintrac in Canada, the Central Bank of Nigeria and other regulatory authorities in the 13 countries it is licenced in.