The recent failure of Silicon Valley Bank (SVB) has sent a clear message to African startups that they must look inward for their banking needs even as they compete in the global market. While easy access to forex and cross-border payments is at the heart of offshore banking for many African startups, Leatherback, a leading African fintech, has taken on the challenge of bridging this gap for African startups.
Leatherback’s user-friendly platform makes it easier for businesses to manage cross-border payments, allowing them to track payments in real-time and manage payment workflows more efficiently. This saves businesses time and money that would otherwise be spent on manual payment processes.
Leatherback’s solutions are particularly important for African businesses looking for cost-effective payment solutions.
Why Leatherback is best for African Startups
Leatherback solutions are ideal for business owners and founders who conduct cross-border transactions. Importation, exportation, receiving supplies from across the border, and so on are examples of these transactions.
Individuals who shop on global eCommerce platforms like Amazon or subscribe to global subscription-based service providers like Netflix will also benefit from the solutions. It can be hard to figure out how to make these payments, but Leatherback takes care of all of these problems by making cross-border payments that are 100% safe, secure, fast, and reliable.
Key features that stand Leatherback out
The Leatherback platform enables businesses to instantly exchange and payout from their accounts to over 15 currencies. But even so, that is only the tip of the iceberg in terms of the platform’s great features, which include:
Fast and secure transactions: Leatherback processes cross-border payments quickly and securely, using advanced encryption and security protocols to protect users’ financial information.
Customizable solutions: Leatherback provides customizable payment solutions for businesses, including API integration and white-label options, enabling businesses to easily integrate cross-border payments into their existing systems.
No spending limit: Unlike other platforms, Leatherback does not place any limit on the amount a customer can spend on its platform at any point in time.
PayR: Built for Financial Institutions and Payment firms, this feature allows business users to leverage Leatherback’s wide range of API Based products to provide their clients with more impactful product offerings.
Multiple payment options: Leatherback supports multiple payment options including bank transfers, debit and credit card payments, and e-wallet payments, allowing users to choose the most convenient option for them.
Other features include:
- Accounts for African Businesses
- Instant Exchange to African Currencies
- GBP Accounts
- USD Accounts
- Indian Rupees Accounts
- Euro Accounts
- XOF Wallet
- XAF Wallet
- Regulated in Frontier Markets
- Collections and Payout APIs
In addition, Leatherback makes scaling your business simpler and easier as it provides you access to the entire world through a single platform. Your company does not need to be registered in multiple countries in order to open a bank account and conduct business locally.
Another intriguing feature of the Leatherback business solution is the ability to invoice clients in multiple currencies, set permissions with its Maker Checker feature, and use collections gateways powered by Stripe and Plaid.
Simple onboarding process
For businesses, the onboarding process is a simple and straightforward 3-step process:
- Create an account
- Verify your identity
- Provide the necessary documentation on the account.
Leatherback also simplifies financial management as users get a dashboard to track their spending and manage what goes in or out.
Strong partnerships
Leatherback is using its strong partnerships around the world to show that it is committed to upholding global standards and giving the best financial services in the world. As of today, the company’s partners include some of the best global payment companies. Stripe, Mastercard, Plaid, Clear Bank, and Community Finance Service Bank (CFSB) are a few examples.
Beyond all else, Leatherback is fully regulated by regulatory authorities in four countries: the United Kingdom, Nigeria, Ethiopia, and Canada, giving businesses the opportunity to have bank accounts in 15 currencies across 21 countries, ensuring that no financial irregularities occur. The company’s ISO and PCI DSS certifications ensure complete data security and adherence to all applicable data and information regulations and standards.
Bottomline
For businesses across Africa, especially startups, Leatherback has proven to be the solution to decades of cross-border payment challenges. Its cost-effective and efficient solutions are exactly what African startups need to scale and spread their tentacles around the world.
