Moniepoint bets $7.39 million 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 money institution regulated by the UK’s Financial Conduct Authority (FCA).

The deal, approved in July 2025, is meant to fast-track Moniepoint’s UK play and clear regulatory hurdles for operations across the UK and the European Economic Area.

The UK is home to over 290,000 Nigerians and is a crucial remittance corridor to the country. In 2021, Nigeria ranked as the third-largest recipient of remittances from the UK, with inflows worth £2.76 billion ($3.69 billion), and Moniepoint wants a slice of this market where it will compete with companies like Grey and Lemfi.

“Despite the trading loss, demand for remittance services in the market has remained stable, supported by the strong and consistent flow of funds from the UK to Nigeria,”  the company wrote in its regulatory filings. “While the Company did not generate revenue during the period, it has focused on strengthening operational processes, enhancing customer service, and investing in technology to improve transaction efficiency and security in preparation for future activity.”

Moniepoint GB, the London subsidiary of Moniepoint Group, was incorporated on February 18, 2024. It did not record any revenue in 2024. Its first product, MonieWorld, launched in April 2025, allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay.

According to company insiders, the product has already recorded a 70% growth rate and a healthy transaction volume. “People in the UK use us,” one insider said. “We have been advertising on trains and showing up at major diaspora events.” The company expects a lot from the revenue side to change within the next 12 months as its parent company continues to provide support.

“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 Moniepoint spokesperson told TechCabal. “The launch of the MonieWorld digital financial services solution in April 2025 marked the first step in delivering that vision, with further products to follow.”

Recently backed by $120 million from investors like Google and Visa, Moniepoint’s expansion spree is far from over. According to its UK filings, it has incorporated a new subsidiary under Moniepoint GB, hinting at a possible expansion into the US remittance market.

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