Exclusive: Leatherback Denies Losing Funds to SDQ Facilitators

Exclusive: Leatherback Denies Losing Funds to SDQ Facilitators

Leatherback, a cross-border payments startup, is the subject of ongoing speculation within high-level online communities of the Nigerian tech ecosystem. The UK-based company, which raised $10 million pre-seed, is backed by ZedCrest Capital and provides cross-border payment services to customers in South Africa, Egypt, Uganda, India, the UAE, and Nigeria.

Leatherback, a cross-border payments startup, is addressing speculation regarding its funds. The UK-based company, backed by ZedCrest Capital, offers cross-border payment services across multiple countries.

An unverified report circulating in tech circles claims Leatherback lost a significant sum to SDQ Facilitators, an entity largely unknown. Leatherback denied these claims, stating all accounts are fully functional.

Leatherback's CEO, Toheeb Ibrahim, emphasized the rumors are "terrible and laughable." He revealed Leatherback has cooperated with Nigerian authorities, providing information regarding SDQ Facilitators. While the extent of the investigation remains unclear, Ibrahim confirmed that Leatherback's funds are unaffected.

SDQ Facilitators, incorporated in Nigeria, remains enigmatic. It's reported as a currency trading company dealing in US dollars at rates lower than the parallel market. However, it did not respond to TechCabal's request for comments.

The situation highlights the risks associated with currency trading in Nigeria's challenging market, with companies tempted by potential profits. Leatherback urges people to avoid intermediaries for foreign exchange transactions.

Leatherback emphasizes that its accounts and platform are fully operational and open to users. Instead of responding to rumors, they encourage users to verify the platform's status firsthand.

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