Nigerian entrepreneur Tosin Eniolorunda’s Moniepoint UK arm faces $1.2 million 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 ambitions

The 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 Nigerian parent firm, which plans to inject more capital as the business scales up. Moniepoint GB currently holds £7.3 million ($9.8 million) in share capital, providing a financial cushion for its early-stage operations. 

Documents also revealed that Bancom Europe—later acquired by Moniepoint—saw its revenue fall sharply from £73,526 ($98,500) in 2023 to just £68 ($91) in 2024. Most of the previous year’s income came from consultancy services, which ended before the acquisition.

Moniepoint strengthens global reach with Bancom buy

Moniepoint formally entered the British market in 2024, introducing MonieWorld, a digital service designed to help African immigrants send money and access banking tools more easily. Its financial results reflect what’s typical for a new entrant in a highly regulated sector: upfront investments, no early profits, and an emphasis on long-term positioning.

In July 2025, the company completed the acquisition of Bancom Europe, finalizing a deal first agreed upon in December 2024. Bancom holds authorization from the Financial Conduct Authority (FCA) as an e-money institution, a license that allows Moniepoint to operate across the European Economic Area without applying for additional local permits.

Moniepoint eyes global growth after $1 billion valuation

Under Eniolorunda’s leadership, Moniepoint has become one of Nigeria’s most influential fintech firms. It serves more than 600,000 businesses and processes over one billion transactions monthly, with payment volumes topping $22 billion. The firm has also extended its reach into Kenya, acquiring payments platform Kopo Kopo and leading a $3 million investment in Payday, a startup that gives Africans access to global currency accounts.

The company’s $110 million Series C funding round in October 2024—backed by investors including Google—valued it at more than $1 billion. Now headquartered in both London and Lagos, Moniepoint is positioning MonieWorld as a bridge for Africans in the UK to send money home instantly, with competitive exchange rates and zero fees.