Moniepoint’s Strategic Move Positions It for Pan-European Growth Despite Early Losses
Moniepoint, one of Africa’s fastest-growing fintech companies, has reported a $1.2 million loss in its first year of operations in the United Kingdom, underscoring the high initial cost of entering regulated financial markets. According to recent filings, the company generated no revenue between February and December 2024, with funding provided entirely by its parent company as it established its footprint abroad.
The company, which made its UK debut in 2024, has maintained that the loss represents a “typical early-stage investment phase” as it builds capacity and compliance infrastructure. In a statement, Moniepoint explained:
“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 April 2024, Moniepoint launched Monieworld, a service aimed at African immigrants in the UK, starting with cross-border remittances — a segment valued at billions of dollars annually.
Acquisition of Bancom Europe Bolsters EU Expansion
To strengthen its presence and fast-track its regulatory standing, Moniepoint completed the acquisition of Bancom Europe in July 2025, following a share purchase agreement signed in December 2024.
Bancom, licensed by the UK’s Financial Conduct Authority (FCA) as an e-money institution, provides digital financial services across the European Economic Area (EEA). Its regulatory permissions are automatically passported across all EEA member states, giving Moniepoint instant access to European markets without the need for additional national approvals.
Although the value of the acquisition was not disclosed, analysts view it as a strategic shortcut for Moniepoint’s expansion ambitions. By acquiring Bancom’s FCA license, Moniepoint effectively gains a ready-made regulatory framework to operate within the UK and the broader EU payment ecosystem.
Bancom’s Financial Snapshot and Future Outlook
According to filings, Bancom Europe recorded a net loss of £83,646 in 2024, closing the year with negative retained earnings of £2,042. Its revenue dropped sharply from £73,526 in 2023 to just £68 in 2024, primarily due to a decline in consultancy operations. The minimal revenue generated came from e-wallet and payment services — signaling that Bancom had been largely dormant prior to the acquisition.
Despite these figures, Moniepoint appears committed to injecting new life and capital into its newly acquired subsidiary. The fintech currently boasts a share capital of £7.3 million, which will likely fund further operational scaling, product rollouts, and talent recruitment across Europe.
Strategic Importance of the Move
Industry analysts suggest that Moniepoint’s acquisition strategy reflects a broader shift among African fintechs — moving beyond regional dominance to global integration, particularly across Europe where African remittances and diaspora populations continue to grow.
The acquisition positions Moniepoint to compete directly in cross-border payments, digital banking, and remittance services, sectors that remain vital to the African diaspora. Its ability to leverage Bancom’s FCA license could make Moniepoint a formidable player in the European fintech scene, while simultaneously strengthening its African operations through improved liquidity and network reach.
Moniepoint reports a $1.2 million loss in its first year of UK operations but boosts its European expansion with the acquisition of FCA-regulated Bancom Europe, gaining access to EU markets and accelerating its cross-border fintech ambitions.
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