The latest regulatory filings show that Moniepoint lost $1.2 million in its first year of business in the UK. The business generated no revenue from February to December 2024, and its parent company continued to fund its operations.
Entering the UK in 2024, the fintech company was recently named one of the top fintech companies in the UK. In April, it declared that Monieworld, which aims to give African immigrants access to financial services starting with remittances, would launch.
“Moniepoint Inc. can confirm that 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’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 statement from Moniepoint read.
Moniepoint acquires Bancom
After signing a share purchase agreement in December 2024, it finished acquiring Bancom Europe in July 2025. The deal’s value has not been revealed.
Bancom offers digital financial services and is licensed as an e-money institution by the Financial Conduct Authority (FCA) of the United Kingdom. An advantage that greatly increases Moniepoint’s capacity to conduct business throughout Europe without requiring distinct local licenses is the fact that its regulatory permissions are transferable to all EEA nations.
The purchase seems to be a calculated move to give Moniepoint quicker access to the EEA and UK markets. The business now has an instant foothold in the payments industry since it inherits Bancom’s FCA registration rather than requesting new regulatory approval.
Bancom’s 2024 financial year report
According to Bancom’s 2024 report, all of its income was derived from card processing and payment services, particularly through the use of MasterCard-branded goods. Nevertheless, it ended the year with negative retained earnings of £2,042 and a net loss of £83,646.
Filings indicate that Moniepoint has promised to increase the company’s funding. The business has £7.3 million in share capital, which could help fund its expansion and investment goals.
Moreover, Bancom’s revenue dropped precipitously, from £73,526 in 2023 to just £68 in 2024, as per documents filed with Companies House. Nearly all of the revenue from the previous year came from consulting fees, which stopped in 2024.
Only £68 was generated by its regulated activity, which provided e-wallet and payment services, indicating that it was mainly dormant at the time of acquisition.