Moniepoint has responded to recent reports that its UK unit, Moniepoint GB, posted a £1.2 million loss in 2024—emphasizing that the figure reflects setup and infrastructure costs rather than an operating deficit. According to a financial statement obtained by Nairametrics, the company also deployed $2.5 million as an equity deposit toward acquiring Bancom, a UK electronic money firm.
Moniepoint GB, incorporated in February 2024, did not record any revenue during that year. In a statement shared with Nairametrics, Moniepoint explained that the 2024 results reflect the early-stage investment phase typical for fintechs entering new, regulated markets. “What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company said. The expenses included those for technology, regulatory compliance, customer support infrastructure, and related administrative costs necessary to build a solid foundation.
The acquisition of Bancom, completed in July 2025, is positioned by Moniepoint as a strategic move to reinforce its UK presence. Bancom is authorized and regulated by the UK’s Financial Conduct Authority (FCA), and Moniepoint says the acquisition gives Moniepoint GB an already-authorized regulatory vehicle through which to expand its services in the UK–Nigeria remittance corridor.
Moniepoint also disclosed that its first UK product, MonieWorld, launched in April 2025. The platform enables UK residents to send money directly to Nigerian bank accounts using a MonieWorld account, British bank cards, or Apple Pay/Google Pay. Further product rollouts are expected as the company deepens its engagement with the African diaspora and builds stronger financial connectivity between Africa and the UK.
Late in 2024, Moniepoint Inc. secured a $110 million investment from various backers including Google, boosting its valuation to $1 billion and providing more capital to fuel expansion.