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

Moniepoint reports $1.2 million loss in first year of UK operations amid strategic expansion - Innovation Village | Technology, Product Reviews, Business

Moniepoint, a prominent African fintech firm, recorded a $1.2 million loss during its first year of operations in the United Kingdom, according to recently filed regulatory documents. The company did not generate any revenue between February and December 2024, with its UK operations fully funded by its parent company during this early phase. Despite the financial setback, Moniepoint has made notable strides in establishing its presence in the UK…

Moniepoint bets $7.39m on London expansion in UK remittance push

Moniepoint’s London remittance bet has cost it $3.77 million since February 2024, according to UK regulatory filings. Moniepoint Group set aside $7.39 million for its London expansion, and so far, it has spent nearly half.  Between February and December 2024, the fintech spent $1.26 million—reported as a loss—on administrative and infrastructure expenses, and another $2.51 million as equity deposit for its acquisition of Bancom, an electronic mo…

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” […] The post Moniepoint Clarifies Reports of “Heavy Losses in The UK, Says It’s an Early-Stage…

Tosin Eniolorunda’s Moniepoint UK arm faces $1.2m loss

Moniepoint Inc.'s United Kingdom arm, the financial software company founded by Nigerian entrepreneur Tosin Eniolorunda, posted a $1.2 million loss between February and December 2024 while preparing for a full rollout in 2025.Moniepoint expands its UK ambitionsThe filings, submitted to the UK’s Companies House, showed that Moniepoint GB did not generate revenue during that period. The company said its operations were fully supported by the Niger…

Moniepoint denies losing $2.7m in UK, insists the sum is part of expansion investment

Moniepoint Inc. has responded to recent media reports suggesting that its UK arm, Moniepoint GB, recorded “heavy losses”.  In a statement sent to Technext by a company rep, the fintech insists that what some are calling a loss is in fact part of the early-stage “investment phase” typical of fintechs moving into new regulated markets. “Moniepoint Inc. can confirm that Moniepoint GB’s financial results for the period February to December 2024 refl…

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

Moniepoint reported a $1.2M loss in its first year in the UK. It also acquired Bancom Europe to fast-track its expansion across the UK and EEA markets.