Moniepoint Inc. has clarified headlines about a £1.2 million loss booked by its UK subsidiary, Moniepoint GB, for the 2024 financial year, stating the figure reflects early-stage set-up costs rather than a trading shortfall. Recently filed regulatory documents show the African fintech recorded the loss in its first year of operations in the United Kingdom.
According to the company, the amount—incurred across administrative and infrastructure expenses—is typical for fintechs entering highly regulated markets and does not indicate financial distress. Moniepoint GB was incorporated in February 2024 and, as expected at that stage, did not book revenue for the period under review; its UK operations were fully funded by the parent company during this early phase.
Despite the initial spend, Moniepoint has made notable strides in establishing a UK presence. In April 2025, the company launched MonieWorld, a financial services platform tailored to African immigrants, beginning with remittances. The service allows UK residents to send money to any Nigerian bank account, funding transfers via MonieWorld balances, UK bank cards, or Apple Pay/Google Pay. Additional products are planned as the company targets the African diaspora—a segment it believes remains underserved by mainstream providers on pricing, 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’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.”
To accelerate entry into the UK and European markets, Moniepoint completed the acquisition of Bancom Europe in July 2025, following a share purchase agreement signed in December 2024. Although financial terms were not disclosed, the acquisition is viewed as a strategic move to fast-track regulatory access.
Bancom Europe is licensed by the UK Financial Conduct Authority (FCA) as an e-money institution, with regulatory permissions passportable across the European Economic Area (EEA). This provides Moniepoint with an established regulatory platform, significantly enhancing its ability to scale across multiple jurisdictions without securing separate licences in each country.
Bancom’s pre-acquisition performance, however, was modest. In 2024 it reported a net loss of £83,646 and negative retained earnings of £2,042. Revenue fell sharply from £73,526 in 2023—primarily consultancy—to just £68 in 2024, derived solely from regulated activities such as e-wallet and payment services, suggesting the business was largely dormant at the time of acquisition.
Moniepoint’s clarification underscores a common pattern in fintech internationalisation: front-loaded compliance and infrastructure costs depress early P&L, especially in markets with stringent consumer-protection and AML rules. The group’s UK push—pairing a licence-in acquisition with diaspora-focused products—signals a strategy centred on regulatory certainty, speed to market, and trusted rails for cross-border payments.
The parent company’s growth agenda is supported by late-2024 fundraising, when 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.
Moniepoint has also signalled commitment to scaling its UK operations, with filings showing £7.3 million in share capital earmarked for future investment. Despite initial losses, the company’s strategic positioning, regulatory access, and targeted services for the African diaspora point to a long-term vision focused on inclusive financial services and cross-border growth.
