Nigerian fintech unicorn Moniepoint has acquired the FCA-regulated British e-money institution Bancom Europe Ltd, Launch Base Africa has learned from the company’s latest financial filings. The move secures Moniepoint a crucial licence to operate in the UK, but comes as its new UK entity reported a $1.26M loss on zero revenue in its first year, highlighting the steep cost of its European expansion.
The acquisition, completed in July 2025, was orchestrated through Moniepoint GB Ltd, a UK-based subsidiary. Financial statements for this entity show it was established primarily as a vehicle for the acquisition, with a $2.5M “Equity Deposit” placed in an escrow account to secure the deal.
By acquiring Bancom, Moniepoint bypasses the long and complex process of obtaining its own e-money licence from the UK’s Financial Conduct Authority (FCA), gaining an immediate and regulated foothold to target the lucrative UK-Nigeria remittance corridor.
Investing heavily before launch
The strategy has come at a significant upfront cost. Moniepoint GB Ltd’s financial report for the period ending December 31, 2024, reveals the company was in a pre-revenue setup phase, with its $1.26M loss driven entirely by administrative and setup expenses.
According to the report, these costs reflect the “significant initial investment in systems, compliance, and infrastructure required to establish the business.” The main expenditures were salaries for a new 10-person team and over $300,000 in professional and legal fees.
Although Moniepoint’s UK expansion is laden with promise, its UK arm has operated at a loss since its inception in August 2022, amounting to $1.4 million over 17 months. The latest figures bring the company’s total reported losses in the country to approximately $2.7M before generating any revenue from the region.
Despite the loss, the company’s directors, including Moniepoint founder Tosin Eniolorunda, stated that the performance was ‘in line with expectations for a start-up operation.’ They also remain optimistic, with Eniolorunda and Felix Ike projecting profitability in the coming years.
The parent company’s backing
The UK operation’s viability is entirely underwritten by its US-based parent, Moniepoint Inc. The auditor’s report confirms that the UK company is reliant on financial support from its parent to continue as a “going concern.”
This support is substantial. Filings show the parent company has committed $7.4M in share capital to Moniepoint GB Ltd. A formal letter of support confirms it will continue to fund the subsidiary for the “foreseeable future,” ensuring it can meet its obligations while it builds its presence.
A strategic push amid headwinds at home
Moniepoint’s aggressive UK expansion follows its huge success in Nigeria, where it is the country’s largest merchant payments platform, processing over $17bn in transactions monthly. The company raised a $110M Series C round in late 2023, with CEO Tosin Eniolorunda stating the goal was to “empower Africans worldwide.”
The move into the UK, home to a large Nigerian diaspora, aligns with Moniepoint’s mission. However, it comes at a time when the company faces growing regulatory challenges in its home market. Nigeria’s central bank recently imposed new transaction and geo-tagging limits on Point of Sale (PoS) agents, a core part of Moniepoint’s business, as part of its push towards a cashless economy.
This regulatory pressure, combined with economic volatility in Nigeria, makes diversification a sound strategy. Moniepoint’s expensive but decisive entry into the UK signals a clear intent to build a global business, testing whether its dominant African model can be adapted for one of Europe’s most competitive fintech markets.