Moniepoint Clarifies UK Unit’s £1.2m 2024 Loss, Invests $2.5m in Bancom Acquisition
Leading Nigerian fintech company, Moniepoint Inc., has clarified reports of a £1.2 million loss recorded by its UK subsidiary, Moniepoint GB, for the 2024 financial year. The company explained that the figure represents setup and administrative expenses, not operational losses.
According to financial statements reviewed by Nairametrics, Moniepoint GB also invested $2.5 million as an equity deposit for the acquisition of Bancom, a UK-based electronic money firm.
Early-Stage Investments, Not Operational Losses
Moniepoint stated that the reported figures reflect its early-stage investment phase, which is typical for fintech companies entering new regulated markets such as the United Kingdom.
“What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company clarified.
The fintech noted that the financial performance was driven by substantial initial investments in technology systems, regulatory compliance, and customer support infrastructure, all foundational components for a scalable and secure digital platform.
During the reporting period (February to December 2024), Moniepoint GB remained in a pre-revenue phase, focusing on building its operational framework, strengthening processes, and preparing for a full commercial rollout.
“The company’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,” Moniepoint said.
Acquisition of Bancom Strengthens UK Expansion
Moniepoint confirmed that its acquisition of Bancom, completed in July 2025, represents a key milestone in consolidating its presence in the UK fintech ecosystem.
Bancom is authorised and regulated by the UK’s Financial Conduct Authority (FCA), giving Moniepoint GB an established regulatory base for cross-border financial services.
“This acquisition provides Moniepoint GB with an established, regulated entity through which we can operate, accelerating our ability to serve customers in the UK-Nigeria remittance corridor,” the company explained.
Moniepoint emphasised that acquiring an already-authorised firm ensures a strong regulatory foundation essential for offering reliable and compliant financial products in the UK.
MonieWorld Launch Bridges the UK-Nigeria Remittance Corridor
In April 2025, Moniepoint GB launched its first product, MonieWorld, which enables UK residents to send money directly to Nigerian bank accounts using a MonieWorld account, British bank cards, or digital wallets such as Apple Pay and Google Pay.
The fintech said more products are in the pipeline as part of its vision to empower the African diaspora and strengthen financial connectivity between Africa and the UK.
Moniepoint’s Global Growth and Unicorn Status
Moniepoint Inc. continues to expand its footprint across global fintech markets. In late 2024, the company secured a $110 million investment from multiple investors, including Google, pushing its valuation to $1 billion and cementing its unicorn status.
The funding has provided additional fuel for Moniepoint’s expansion strategy, enabling it to scale operations, drive innovation, and extend financial inclusion to new markets.
Key Takeaways
- Moniepoint GB’s £1.2m “loss” reflects setup and investment costs, not operational losses.
- The fintech invested $2.5m in acquiring FCA-regulated Bancom to strengthen its UK operations.
- The MonieWorld platform now allows direct UK-Nigeria transfers using cards and digital wallets.
- Moniepoint’s global expansion is supported by a $110m funding round led by Google, cementing its unicorn status.
