Ibrahim Ibitade, the former CEO of Leatherback, has officially launched a new venture called Prune Payments, a company focused on facilitating cross-border payments. This development comes just months after Ibitade stepped down from his role at Leatherback, where he had played a pivotal role in the company’s growth and success.
In a 2024 interview, Ibitade shared his personal motivations for leaving Leatherback, stating, “I want to start a family. I should be married now with kids, but I’m not. My dream and goals of being a family man do not align with the requirements of the job right now. It’s not something that I can juggle.” Despite his desire to focus on family, Ibitade has made a swift return to the startup ecosystem with Prune Payments, which directly competes with his former company.
Prune Payments aims to provide similar services to Leatherback, enabling both individuals and businesses to conduct cross-border transactions. While the exact launch date of Prune Payments remains unclear, LinkedIn activity suggests that operations may have commenced in December 2024, just two months after Ibitade’s departure from Leatherback. However, it appears that user signups and registrations for Prune Payments are currently inactive. According to the company’s website, Prune Payments offers features akin to those of Leatherback, including multi-currency wallets and remittance services.
The decision to establish a competing company raises questions about the circumstances surrounding Ibitade’s exit from Leatherback. He indicated that there were disagreements with Zedcrest Capital, a significant investor in Leatherback, which led him to conclude that it was time to part ways due to misaligned goals and visions.
The official statement from Leatherback regarding Ibitade’s departure did not delve into specific reasons but acknowledged the company’s growth during his tenure. It read, “Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services.”
Ibitade co-founded Leatherback and was integral to its operations for five years before announcing his exit. During his leadership, the company successfully raised $10 million in pre-seed funding from Zedcrest Capital in 2022, attracting over 60,000 users and processing more than $300 million in transactions monthly. Leatherback has established its presence in eight countries, including Canada, Nigeria, the United Kingdom, Sri Lanka, Pakistan, Nepal, Ethiopia, and India, solidifying its status in the cross-border payment landscape.
