Moniepoint Expands into Europe with Bancom Acquisition After $1.2 Million UK Startup Loss
2 min read
Moniepoint has reported a $1.2 million loss in its first year of operations in the United Kingdom, according to recent regulatory filings. The company, which entered the UK market in 2024, did not generate any revenue between February and December of that year. Its operations were funded entirely by its parent company as part of its early-stage investment phase.
In a statement, Moniepoint Inc. explained that the results reflected the expected startup phase common to financial services firms entering new regulated markets. The company stated that its focus remains on serving the UK’s African diaspora community and expanding access to financial services, particularly through remittances under its Monieworld platform launched in April 2024.
“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,” the company said.
Despite the losses, Moniepoint has strengthened its position in Europe through the acquisition of Bancom Europe, a Financial Conduct Authority (FCA)-licensed electronic money institution. The acquisition, completed in July 2025 following a share purchase agreement signed in December 2024, provides Moniepoint with access to regulatory permissions passported across all European Economic Area (EEA) countries. This move allows the company to operate across Europe without needing separate licenses in each jurisdiction.
Bancom Europe, which provides digital financial services including payment and card processing through MasterCard-branded products, recorded a net loss of £83,646 in 2024, with negative retained earnings of £2,042. Its total revenue fell sharply from £73,526 in 2023 to just £68 in 2024, signaling that it had largely become inactive prior to Moniepoint’s acquisition.
The acquisition is seen as a strategic move by Moniepoint to accelerate its entry into the European market by leveraging Bancom’s existing regulatory approvals. According to filings, Moniepoint has committed additional funding to support the business, with a share capital of £7.3 million to drive further expansion and investment.
The deal positions Moniepoint among African fintechs making bold moves into international markets despite global funding slowdowns. The acquisition of Bancom Europe could pave the way for Moniepoint to extend its innovative digital payment services to millions of users across the UK and the broader European region.
About The Author
