Moniepoint, a prominent African fintech firm, recorded a $1.2 million loss during its first year of operations in the United Kingdom, according to recently filed regulatory documents. The company did not generate any revenue between February and December 2024, with its UK operations fully funded by its parent company during this early phase.
Despite the financial setback, Moniepoint has made notable strides in establishing its presence in the UK. In April 2024, the company launched Monieworld, a financial services platform tailored to African immigrants, beginning with remittance services. The initiative is part of Moniepoint’s broader mission to serve underserved communities and expand its footprint beyond Africa.
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 its 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 the financial terms of the deal remain undisclosed, the acquisition is seen as a strategic move to fast-track regulatory access.
Bancom Europe is licensed by the UK’s Financial Conduct Authority (FCA) as an e-money institution, with regulatory permissions passported across the European Economic Area (EEA). This allows Moniepoint to operate across Europe without needing to secure separate licenses in each country, an advantage that significantly enhances its expansion capabilities.
However, Bancom’s financial performance prior to the acquisition was modest. In 2024, it reported a net loss of £83,646 and negative retained earnings of £2,042. Revenue dropped sharply from £73,526 in 2023, primarily from consultancy services, to just £68 in 2024, derived solely from regulated activities such as e-wallet and payment services. This suggests Bancom was largely dormant at the time of acquisition.
Moniepoint has signaled its commitment to scaling operations, with filings showing a share capital of £7.3 million, earmarked to support future investments and growth initiatives in the region. Despite the initial losses, Moniepoint’s strategic positioning, regulatory access, and targeted services for the African diaspora indicate a long-term vision focused on inclusive financial services and cross-border expansion.
