Moniepoint recorded a whooping $1.2 million loss in first year of UK operations amid expansion drive.
NaijaOnPoint Nigeria reports that Moniepoint recorded a loss of $1.2 million in its first year of operations in the United Kingdom, according to filings with UK regulatory authorities.
The Nigerian-founded fintech did not record any revenue between February and December 2024, with its activities fully financed by its parent company during the period.
Despite the early setback, Moniepoint described the loss as part of the “expected early-stage investment phase” typical of firms entering new regulated markets. The company emphasized that it remains focused on serving the UK’s African diaspora through Monieworld, its remittance platform launched in April 2024 to help immigrants access affordable financial services.
“Moniepoint GB’s focus is on bringing financial happiness to a new market – an ambition that naturally requires upfront investment in compliance, infrastructure, and people,” the company said in a statement.
In July 2025, Moniepoint completed the acquisition of Bancom Europe, following a share purchase agreement signed in December 2024. Although the value of the transaction was not disclosed, the acquisition is widely seen as a strategic move to accelerate the company’s expansion into the UK and European Economic Area (EEA).
Bancom, licensed by the UK’s Financial Conduct Authority (FCA) as an e-money institution, provides digital payment services and holds regulatory permissions that are valid across all EEA countries. This effectively allows Moniepoint to operate throughout Europe without applying for separate licences in each country.
Financial filings show that Bancom generated all of its 2024 income from payment and card processing services, primarily through MasterCard-branded products, but still posted a net loss of £83,646 and retained earnings of £2,042 in the negative. Its total revenue dropped sharply from £73,526 in 2023 to just £68 in 2024, largely due to the discontinuation of consultancy services that previously drove earnings.
Moniepoint, however, appears committed to sustaining the UK venture, with filings showing a share capital injection of £7.3 million to support its operations and expansion strategy.
The company, which has been recognized among the UK’s leading fintech innovators, says it remains confident that its early investments will translate into long-term value as it strengthens its footprint in both the UK and European markets.