Former Leatherback CEO, Ibrahim Ibitade, has launched Prune Payments a cross-border payments company months after stepping down from his former company.

“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,” Ibitade said in a 2024 interview.

Despite stepping away to focus on family, Ibitade has returned to the startup scene with a direct competitor to his former company.

Like Leatherback, Prune Payments facilitates cross-border payments for individuals and businesses. While it is unclear when the startup launched, LinkedIn posts suggest operations started in December 2024, two months after his exit from Leatherback. However, signups and registrations appear to be inactive.

According to the website, it has similar features to Leatherback including multi-currency wallets and remittance.

Starting a company that competes with Leatherback, which he co-founded, raises concerns about the circumstances under which he stepped down.

Meanwhile, he also said that there were disagreements between him and Zedcrest Capital, a major investor in Leatherback, which signalled to him that it was time to leave the company as goals and visions were misaligned.

A statement from the company announcing his exit did not provide reasons, only noting the startup’s growth under Ibitade. “Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services,” it read.

Ibitade, who was also the Co-founder of Leatherback, was with the company for five years before announcing his exit.

Under him, the company raised $10 million pre-seed led by Zedcrest Capital and signed up more than 60,000 users processing over $300 million monthly.

It also operates in eight countries, including Canada, Nigeria, the United Kingdom, Sri Lanka, Pakistan, Nepal, Ethiopia, and India.