Nigerian fintech giant Moniepoint has reported a $1.2 million loss in its first year of operations in the United Kingdom, according to newly released regulatory filings.
The company, which began UK operations in February 2024, generated no revenue during the period between February and December 2024, relying entirely on funding from its parent company to sustain operations.
Moniepoint, recently recognised as one of the UK’s top fintech companies, launched its UK operations with Monieworld, a platform aimed at providing African immigrants with financial services, starting with remittances.
“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,” the company said in a statement.
“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.”
In a move widely seen as a shortcut to European expansion, Moniepoint completed the acquisition of Bancom Europe in July 2025, following a share purchase agreement signed in December 2024. Although the financial details remain undisclosed, the acquisition gives Moniepoint a crucial regulatory foothold.
Bancom is licensed by the UK’s Financial Conduct Authority (FCA) as an e-money institution, with regulatory permissions passportable across all European Economic Area (EEA) countries. This allows Moniepoint to expand operations across Europe without applying for separate local licences, significantly accelerating its market entry.
In 2024, Bancom generated all its revenue from payment and card processing services, primarily using MasterCard-branded products. However, the company posted a net loss of £83,646, ending the year with negative retained earnings of £2,042.
Despite these figures, the acquisition is seen as a strategic infrastructure play for Moniepoint, granting it ready-made regulatory clearance and payment capabilities in the UK and EEA.
Moniepoint’s initial losses reflect the typical early-stage investment phase for fintechs entering new, regulated markets. With the Bancom acquisition secured, the company is positioning itself to leverage existing licences and build a pan-European fintech presence, particularly targeting African diaspora communities.
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