Moniepoint’s ambitious push into the United Kingdom came with a hefty price tag: a $1.2 million loss in its first year of operations, with zero revenue generated between February and December 2024, according to recent regulatory filings.
The Nigerian fintech giant, which recently earned recognition as one of the UK’s top fintech companies, launched its UK operations in 2024 with Monieworld—a platform designed to serve African immigrants by providing financial services starting with remittances.
But Moniepoint isn’t panicking about the red ink. In a statement, the company framed the losses as par for the course when entering heavily regulated markets.
“Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets,” the company explained. “Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market—an ambition that naturally requires upfront investment in compliance, infrastructure, and people.”
A Strategic Acquisition to Fast-Track Growth
Rather than waiting years for regulatory approval, Moniepoint made a bold move in July 2025 by acquiring Bancom Europe—a deal first announced in December 2024. While the financial terms remain undisclosed, the strategic value is clear.
Bancom holds a coveted UK Financial Conduct Authority (FCA) license as an e-money institution, with regulatory permissions that extend across all European Economic Area (EEA) countries through passporting rights. This means Moniepoint can now operate throughout Europe without securing separate licenses in each country—a massive regulatory shortcut.
In 2024, Bancom generated all its revenue from payment and card processing services using MasterCard-branded products. However, the company wasn’t in great shape itself, posting a net loss of £83,646 and closing the year with negative retained earnings of £2,042.
The situation looked even grimmer when comparing year-over-year performance. Bancom’s revenue collapsed from £73,526 in 2023—mostly from consultancy fees that disappeared in 2024—to just £68 in 2024.
Funding the Vision
Despite the losses, Moniepoint appears committed to the long game. The company has pledged to inject additional capital into the business and currently holds share capital of £7.3 million to support its investment and expansion plans. Throughout 2024, operations were funded entirely by its parent company.
The big question now is whether Moniepoint can leverage Bancom’s regulatory infrastructure to turn its UK and European ambitions into a profitable reality. Early-stage losses are common in fintech expansion, but execution will determine whether this expensive bet pays off.
For now, Moniepoint is banking on the significant African diaspora community in the UK and Europe—a market with substantial remittance and financial service needs that remains underserved by traditional banks.
