In response to headlines regarding a £1.2 million loss recorded by its UK subsidiary, Moniepoint GB, for the 2024 fiscal year, Moniepoint Inc. clarified that the amount represents early-stage setup expenses rather than a trading deficit.
According to recently submitted regulatory documents, African fintech lost money during its first year of business in the UK.
The company claims that the sum, which includes infrastructure and administrative costs, is normal for fintechs joining highly regulated markets and does not signify financial distress.
As anticipated at the time of its incorporation in February 2024, Moniepoint GB did not record any revenue for the period under review; during this initial stage, the parent company provided full funding for its UK operations.
Moniepoint’s significant progress in UK
Despite the initial investment, Moniepoint has made significant progress in building a presence in the UK.
Starting with remittances, the business introduced MonieWorld, a financial services platform designed specifically for African immigrants, in April 2025.
The service enables UK citizens to fund transfers to any Nigerian bank account using UK bank cards, Apple Pay/Google Pay, or MonieWorld balances.
The company plans to launch more products targeting the African diaspora, a market it feels is still underserved by mainstream providers in terms of cost, speed, and user experience.
In a statement addressing the financial results, Moniepoint Inc. explained, “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. Moniepoint GB focuses 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.”
Moniepoint’s acquisition of Bancom Europe
After signing a share purchase agreement in December 2024, Moniepoint completed the acquisition of Bancom Europe in July 2025 to expedite entry into the UK and European markets.
The acquisition is seen as a calculated step to expedite regulatory access, despite the fact that financial terms were not revealed.
Bancom Europe is an e-money institution licensed by the UK Financial Conduct Authority (FCA), and its regulatory permissions are transferable throughout the European Economic Area (EEA).
This gives Moniepoint a well-established regulatory framework, significantly improving its capacity to expand across several jurisdictions without obtaining individual licenses in each nation.
Bancom’s unimpressive performance
However, Bancom’s pre-acquisition performance was not very impressive. It recorded negative retained earnings of £2,042 and a net loss of £83,646 in 2024. Revenue dropped precipitously from £73,526 in 2023 (mainly from consulting) to just £68 in 2024 (from regulated activities like e-wallet and payment services), indicating that the business was essentially dormant at the time of acquisition.
Moniepoint’s explanation highlights a prevalent trend in fintech internationalisation: early P&L is negatively impacted by front-loaded compliance and infrastructure costs, particularly in markets with strict AML and consumer protection regulations.
The group’s push in the UK, which pairs a license-in acquisition with products targeted at the diaspora, indicates a strategy focused on speed to market, regulatory certainty, and reliable rails for cross-border payments.
Moniepoint’s commitment to grow UK operations
In late 2024, Moniepoint Inc. raised $110 million from investors, including Google, valuing the company at $1 billion and providing additional firepower for expansion, product development, and risk controls, all of which support the parent company’s growth agenda.
With £7.3 million in share capital set aside for future investment, Moniepoint has also indicated a commitment to growing its UK operations. Notwithstanding early setbacks, the business’s regulatory access, strategic positioning, and services tailored to the African diaspora suggest a long-term goal centred on cross-border expansion and inclusive financial services.