Startups

Moniepoint reports $1.2million loss in first year of UK operations, acquires FCA-regulated Bancom Europe

Peace Sandy6 months Ago1 Mins read176

Written by Peace Sandy

Moniepoint incurred a loss of $1.2 million in its first year of operating in the United Kingdom, according to recent regulatory filings (PDF). The company did not generate any revenue between February and December 2024, with operations continuing to be funded by its parent company.

The fintech, recently named one of the UK’s top fintech companies, entered the UK in 2024. In April, it announced the launch of Monieworld designed to provide African immigrants with access to financial services beginning with remittances.

“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. 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,” a statement from Moniepoint read.

In July 2025, it completed the acquisition of Bancom Europe, having entered into a share purchase agreement in December 2024. The value of the deal has not been disclosed.

Bancom is licensed by the UK’s Financial Conduct Authority (FCA) as an e-money institution and provides digital financial services. Its regulatory permissions are passported across all European Economic Area (EEA) countries, an asset that significantly boosts Moniepoint’s ability to operate across Europe without needing separate local licences.

The acquisition appears to be a strategic play to fast-track Moniepoint’s access to UK and EEA markets. Rather than applying for fresh regulatory approval, the company now inherits Bancom’s FCA registration, giving it an immediate foothold in the payments space.

In 2024, Bancom reported that all of its revenue came from payment and card processing services, specifically using MasterCard-branded products. However, it recorded a net loss of £83,646 and closed the year with negative retained earnings of £2,042.

According to filings, Moniepoint has committed to injecting more funds into the business. The company holds a share capital of £7.3 million, which may support its investment and expansion plans.

Bancom’s revenue also fell sharply, from £73,526 in 2023 to just £68 in 2024, according to filings with Companies House. The previous year’s revenue came almost entirely from consultancy fees, which ceased in 2024.

Its regulated activity — offering e-wallet and payment services — contributed only £68 in revenue, suggesting it remained largely dormant at the time of acquisition.