Moniepoint Inc., a leading Nigerian fintech unicorn, is making strategic moves to transform financial access for Nigerians living in the UK through its subsidiary, Moniepoint GB. Although the company reported a £1.2 million loss for the 2024 fiscal year, this figure primarily reflects foundational investments rather than ongoing operational shortfalls.
According to financial statements obtained by BusinessDay, the loss is largely attributed to initial costs associated with entering the highly regulated UK financial sector. A significant portion of this expenditure was the $2.5 million equity acquisition of Bancom, a UK-based electronic money institution, a deal completed in July 2025.
This acquisition and other investments are designed to enhance financial services for the African diaspora in the UK, particularly Nigerians who need reliable and secure cross-border payment options.
Founded in February 2024, Moniepoint GB did not record any revenue in its first year, dedicating its efforts to building a scalable, compliant, and resilient platform.
The company clarified that the £1.2 million loss reflects essential spending on technology development, regulatory compliance, and customer support infrastructure-key components for a sustainable market launch. “This loss represents the upfront costs of establishing our presence,” Moniepoint stated, noting that such initial investments are typical for fintech companies entering stringent regulatory environments like the UK.
A cornerstone of Moniepoint GB’s growth plan is the acquisition of Bancom, which is regulated by the UK’s Financial Conduct Authority (FCA). This move provides a solid regulatory framework, allowing Moniepoint GB to offer trustworthy and compliant financial products. “Acquiring an FCA-authorized institution gives us a robust regulatory foundation, critical for delivering reliable financial services,” the company emphasized.
Such regulatory compliance is crucial for serving Nigerians abroad who rely on secure and efficient remittance channels to support their families and businesses back home.
In April 2025, Moniepoint GB launched its flagship service, MonieWorld. This platform allows UK residents to send money directly to any Nigerian bank account using MonieWorld accounts, British debit or credit cards, as well as Apple Pay and Google Pay. This offering meets a critical need within the UK’s Nigerian community by providing a simple and accessible remittance solution.
Looking forward, Moniepoint intends to broaden its range of products, further strengthening financial connectivity between the UK and Nigeria.
Backed by a $110 million funding round in 2024, which included investment from Google and elevated Moniepoint Inc. to a $1 billion valuation, the company is well-positioned to realize its mission of delivering financial empowerment and convenience.