Moniepoint's Strategic Move: Acquiring Bancom Europe to Expand Across Europe

Moniepoint, a leading African fintech company, reports $1.2 million loss in its first year of UK operations but acquires FCA-regulated Bancom Europe to boost its European expansion.

Moniepoint's Strategic Move: Acquiring Bancom Europe to Expand Across Europe

Moniepoint, owned by Tosin Eniolorunda and Felix Ike, and as a prominent African fintech company, has made significant strides in expanding its operations across Europe. Despite reporting a loss of $1.2 million in its first year of operating in the United Kingdom, the company has acquired Bancom Europe, a UK-registered entity regulated by the Financial Conduct Authority (FCA). This strategic move is set to support Moniepoint's expansion across Europe, leveraging Bancom's FCA registration and digital financial services expertise.


Moniepoint's UK Operations

Moniepoint

Moniepoint's UK operations commenced in February 2024, with the company launching Monieworld, a platform designed to provide African immigrants with access to financial services, starting with remittances. According to recent regulatory filings, the company did not generate any revenue between February and December 2024, with operations being funded by its parent company. The loss of $1.2 million is attributed to the early-stage investment phase, which is common for financial services firms entering new regulated markets.


Acquisition of Bancom Europe

In July 2025, Moniepoint completed the acquisition of Bancom Europe, a UK-registered entity licensed by the FCA as an e-money institution. The value of the deal has not been disclosed. Bancom Europe's regulatory permissions are passported across all European Economic Area (EEA) countries, enabling Moniepoint to operate across Europe without needing separate local licenses. This acquisition is a strategic play to fast-track Moniepoint's access to UK and EEA markets, inheriting Bancom's FCA registration and digital financial services expertise.


Benefits of the Acquisition

The acquisition of Bancom Europe provides Moniepoint with several benefits, including:

- Immediate foothold in the payments space: With Bancom's FCA registration, Moniepoint can operate in the UK and EEA markets without needing to apply for fresh regulatory approval.

- Access to European markets: The acquisition enables Moniepoint to expand its operations across Europe, leveraging Bancom's regulatory permissions and digital financial services expertise.

- Enhanced credibility: The acquisition of an FCA-regulated entity enhances Moniepoint's credibility and trust in the European market.


Bancom Europe's Financial Performance

Bancom Europe reported a net loss of £83,646 in 2024, with revenue falling sharply from £73,526 in 2023 to just £68 in 2024. The company's revenue in 2023 came almost entirely from consultancy fees, which ceased in 2024. However, Bancom's payment and card processing services, specifically using MasterCard-branded products, generated revenue in 2024.

Tosin Eniolorunda and Felix Ike

Moniepoint's acquisition of Bancom Europe is a strategic move to expand its operations across Europe. Despite reporting a loss in its first year of UK operations, the company is confident in its ability to leverage Bancom's FCA registration and digital financial services expertise to drive growth in the European market. With its sights set on providing financial services to the African diaspora, Moniepoint is well-positioned to make a significant impact in the European fintech landscape.


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