The Nigerian fintech’s London subsidiary swung to a £2.1m accounting profit in 2025, but the result rests on a deferred tax credit and the unit remains dependent on its US parent for funding.
Moniepoint Technologies UK Ltd, the London-based subsidiary of Nigerian fintech unicorn Moniepoint Inc, has reported its first profit since incorporation, according to its most recent statutory accounts. The company recorded a profit after tax of £2,064,255 for the year ended 31 December 2025, a swing from a loss of £8,805,000 in 2024.
The turnaround was driven by £17,963,926 in revenue, all of which came from intercompany recharges to overseas group companies. Cost of sales was £3,318,852, leaving a gross profit of £14,645,074. Administrative expenses of £14,213,983 left an operating profit of £431,091. After interest receivable of £7,053, profit before tax was £438,144.
The reported profit was substantially boosted by a deferred tax credit of £1,626,111. Without that non-cash accounting credit, the company’s pre-tax earnings were less than half a million pounds.
Moniepoint Inc, which was founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, became Africa’s latest fintech unicorn in October 2024 after raising $110m in Series C funding at a valuation exceeding $1bn. The company closed an additional $90m in October 2025, bringing the full round to $200m. Investors include Development Partners International, LeapFrog Investments, Visa, Google’s Africa Investment Fund, the International Finance Corporation, and British International Investment.
UK expansion and headcount
The UK subsidiary was incorporated in August 2022 and operates as an IT services and consultancy business providing services to its overseas group companies. Its directors are Felix Ike and Tosin Eniolorunda, the same co-founders who lead the parent group.
The average number of employees at the UK entity, including directors, rose to 59 in 2025 from 44 in 2024, an increase of 34 per cent. The growth reflects the company’s stated intention to expand its London operations. Moniepoint has said the UK is home to its headquarters, where more than 70 team members are based, with senior leaders sitting at the Sea Containers House office near London Bridge.
The expansion has come at a cost. Administrative expenses rose to £14,213,983 in 2025 from £8,815,222 in the prior year, driven primarily by staff costs. Directors’ remuneration totalled £1,271,187, with pension contributions of £98,261. The highest-paid director received £737,546 in remuneration and a £60,000 pension contribution. Wages and salaries for the wider workforce were £6,086,158, up from £4,027,477 in 2024, while employer National Insurance contributions rose to £1,084,445.
Moniepoint’s UK operations have incurred significant upfront costs. After incorporating Moniepoint GB in February 2024, the group spent £1.2m on setup costs, including technology, administration, and compliance staffing, while also securing a $2.5m equity deposit for the acquisition of FCA-authorised electronic money institution Bancom Europe in July 2025. The Bancom deal was intended to fast-track Moniepoint’s UK entry and clear regulatory hurdles for operations across the UK and the European Economic Area.
Balance sheet and parent dependence
Despite the improvement in profitability, the UK subsidiary remains balance-sheet insolvent. Net liabilities stood at £6,210,786 at the end of 2025, down from £10,250,526 a year earlier. The company had net current liabilities of £7,961,461, with current assets of £18,338,690 against creditors due within one year of £26,300,151. Cash at bank was £1,922,948.
The largest creditor is Moniepoint Inc, to which the UK entity owed £25,430,867 at the year-end, up from £11,554,943 in 2024. Other debtors include £15,827,290 owed by group undertakings due within one year, primarily amounts due from Moniepoint Microfinance Bank Limited and Teamapt Ltd. These balances are repayable on demand and carry no interest.
The company also has a five-year rental lease, taken on 4 October 2024, with future minimum lease payments of £1,089,808, of which £391,132 falls due within one year.
The accounts were audited by S&W Partners Audit Limited, which issued an unqualified opinion. The auditor concluded that the directors’ use of the going concern basis of accounting was appropriate and identified no material uncertainties. The directors rely on cash flow forecasts and projections for at least 12 months from the date of approval of the financial statements, as well as a letter of support from Moniepoint Inc, which has undertaken to provide additional financial assistance as may be necessary to enable the company to meet its liabilities as they fall due.
Share options and employee equity
The UK entity recognised a non-cash expense of £1,975,485 in respect of equity-settled share-based payment awards issued by Moniepoint Inc to certain employees. At the year-end, 253,395 share options were outstanding, with 180,238 exercisable at a weighted average price of £12.53. The standard vesting schedule is four years, with 25 per cent vesting on the first anniversary of the grant and the remaining options vesting at a rate of 1/48th each month thereafter.
The share option programme has been a subject of interest in Nigeria, where employees have reportedly sold shares in secondary transactions. In 2025, Swiss impact investor Blue Earth Capital acquired a minority stake in Moniepoint from willing sellers, including British International Investment and participants in Moniepoint’s employee share option plan. The transaction returned capital to early African limited partners and offered what Moniepoint chief executive Tosin Eniolorunda described as “life-changing liquidity to our dedicated employees”.
However, the equity incentive scheme has also been a source of legal dispute. A former Moniepoint executive, Damilola Ajiboye, filed a lawsuit at the Nigerian Industrial Court in April 2025 alleging that the company denied him stock options worth approximately $889,600 in the secondary market. Ajiboye, who joined Moniepoint in October 2016 and helped build its flagship point-of-sale application, claims he was promised 32,000 executive stock options contingent on a five-year tenure. After resigning in January 2022, he says he was given only five days to exercise his remaining 27,800 options. Moniepoint’s legal counsel has stated that the three-month exercise window was standard and communicated clearly, and that Ajiboye failed to act within the stipulated timeframe.
UK market retreat
Moniepoint’s UK expansion has not been without setbacks. In August 2026, the company announced it was winding down MonieWorld, its UK-based remittance service, less than two years after launching the platform to serve Nigerians in the diaspora. The service, which launched in April 2025, allowed UK residents to send money directly to Nigerian bank accounts via bank transfers, cards, Apple Pay, and Google Pay.
Moniepoint said the decision followed a review of its portfolio and long-term priorities, and that it would redirect resources toward its core African markets. “MonieWorld was built on an intentional foundation of early-stage investment following the incorporation of Moniepoint GB in February 2024,” the company said. “The Group committed £1.2 million in setup expenditure covering administrative costs, tech infrastructure, and compliance staffing necessary to operate within the UK’s regulated market”.
The retreat highlights the difficulty of competing in the UK-Nigeria remittance corridor, where established fintechs and global money-transfer companies compete aggressively on exchange rates, fees, and speed. MonieWorld entered the market with a technically strong product and reported rapid transaction growth — monthly transaction volume among UK diaspora users using cards and digital wallets rose 70 per cent — but that growth was not enough to justify the continuing cost of building a meaningful position in the UK market.
Moniepoint is instead increasing its commitment to Kenya, where it completed the acquisition of a 78 per cent stake in Sumac Microfinance Bank in May 2026. The company processed more than $250bn in digital payment transaction value annually as of October 2025, with most revenue coming from Nigeria.
Outlook
The UK entity’s directors state that the company intends to expand its operations through the strategic acquisition of intellectual property assets. These acquisitions are expected to enhance the company’s competitive position and support the development of new revenue streams. Once acquired, the intellectual property will be licensed to other group companies, generating income through licensing agreements.
For a UK entity that remains dependent on its parent for funding and whose revenue is entirely derived from related-party recharges, the first reported profit represents a milestone. Whether it marks the beginning of standalone financial sustainability, or remains dependent on group support and non-cash accounting credits, is a question the next set of accounts will begin to answer.