Moniepoint Clarifies Reports of “Heavy Losses in The UK, Says It’s an Early-Stage Investment Phase

Moniepoint, Africa’s all-in-one financial ecosystem, has addressed recent media reports that its UK subsidiary, Moniepoint GB, incurred a loss of $1.2 million in its first year of operation.

In a statement shared with Technext, the fintech unicorn clarified that what has been described as a loss, is in reality part of the early-stage “investment phase” typical of fintech firms expanding into new regulated markets.

“Moniepoint Inc. can confirm that 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,” part of the statement reads.

The company emphasized that its UK subsidiary is focused on serving African diaspora and advancing its goal of bringing financial happiness to a new market, an effort that naturally demands significantly upfront investment in compliance, infrastructure and human resources.

The clarification comes amid reports claiming that Moniepoint incurred heavy losses after acquiring Bancom Europe to secure its UK licence, sparking discussions about the company’s expansion strategy and inherent risks of operating in regulated financial environments.

In essence, Moniepoint’s UK “losses” aren’t anomalies but textbook examples of the fintech expansion playbook. They validate the high-stakes reality of fintechs entering regulated territories like the UK. In the broader context of fintechs venturing into new territories, the substantial upfront costs for licensing, regulatory compliance, infrastructure, and market entry often manifest as reported “losses” during the initial phases.

These are not necessarily indicators of failure but rather deliberate investments to lay the groundwork for long-term profitability. Moniepoint’s approach, therefore aligns with common practices among global financial institutions expanding into new markets.

Founded in 2015 by business executives Tosin Eniolorunda and Felix Ike, the fintech has established itself as Africa’s fastest-growing fintech, processing over 800 million transactions monthly with a total value exceeding $17 billion, all while operating profitably in its home market of Nigeria.

The company offers an all-in-one platform for payments, banking, credit, and business management tools, targeting businesses and underserved segments like the African diaspora. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $17 billion monthly for its customers while operating profitably.

Backed by global investors such as Development Partners International (DPI), Google’s Africa Investment Fund, Verod Capital, Lightrock, and Visa, Moniepoint raised $110 million in its Series C round in late 2024 (with additional funding in 2025 bringing its total to around $166–$240 million). This capital has fueled aggressive expansion, including into the UK, where Moniepoint aims to serve the UK’s African diaspora community with tailored digital financial services.

To accelerate this entry, Moniepoint acquired Bancom Europe in 2025, an FCA-regulated e-money institution. This move was strategic as it allowed the fintech to bypass the lengthy process of obtaining individual licenses in multiple countries. However, this acquisition and the associated setup costs highlight the regulatory compliance and infrastructure investments that demand significant capital before revenue kicks in.

Notably, in September 2025, Moniepoint announced its recognition by CNBC as one of the UK’s top fintech companies. The accolade highlights Moniepoint’s growing international presence and its role in advancing financial inclusion for Africans worldwide.

The fintech is on a mission to create a society where everyone experiences financial happiness by providing digital financial services and empowering businesses, their employees, and customers.