The fintech firm said the figure captured administrative and infrastructure expenses incurred while establishing its UK base in 2024. A look into the financial filings shows that Moniepoint also made a $2.5 million equity deposit for the acquisition of Bancom Europe Ltd, a UK-licensed electronic money institution under the Financial Conduct Authority (FCA).

Moniepoint GB, incorporated in February 2024, did not generate any revenue for the year. However, the company said this was expected for a new entrant still building its foundation in a tightly regulated market.

“What has been reported as £1.2 million loss actually reflects set-up costs, not operational shortfall,” the company stated.

Moniepoint explained that the so-called UK loss is part of a deliberate early-stage investment phase, one that included heavy spending on technology infrastructure, compliance systems, and staffing to meet the stringent standards of the UK’s financial environment.

According to the company, these investments were necessary to ensure operational readiness and compliance before the full commercial rollout. “Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets,” the company said. 

“The company’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.”

The acquisition of Bancom in July 2025 was a big part of this strategy. By acquiring an already-authorised electronic money institution, Moniepoint GB gained an immediate regulatory foothold, avoiding the lengthy and often complex process of securing its own FCA licence from scratch.

“This acquisition provides Moniepoint GB with an established, regulated entity through which we can operate, accelerating our ability to serve customers in the UK-Nigeria remittance corridor,” the company said. 

“By acquiring an already-authorised firm, we secure a solid regulatory foundation, which is paramount for providing reliable and compliant financial services.”

Following the acquisition, Moniepoint launched MonieWorld in April 2025, its first UK-facing product that enables residents to send money directly to Nigerian bank accounts using British bank cards, Apple Pay, or Google Pay. The product reportedly recorded a 70% increase in transaction volume within months of launch, revealing early traction among the diaspora.

Moniepoint has since embarked on an aggressive marketing drive across UK trains and diaspora events to deepen brand visibility. The company said additional products are in the pipeline as it strengthens its presence among Africans living in the UK.

The UK currently hosts over 290,000 Nigerians, making it one of the busiest remittance corridors to Nigeria. In 2021 alone, Nigeria received £2.76 billion ($3.69 billion) in remittances from the UK, a figure that shows the scale of opportunity Moniepoint seeks to capture.

Backed by a $110 million investment secured in late 2024 from investors including Google and Visa, Moniepoint’s valuation rose to $1 billion. The funding, according to analysts, gives its UK expansion the financial muscle and runway needed to compete in one of the world’s most regulated fintech markets.

The company has secured a £10 million commitment from Black Water Fund, but it comes with a caveat; the funds will only be disbursed if Pryme successfully closes the entire funding round.

The goal is to scale a platform that has outgrown its e-commerce beginnings and morphed into what Pryme describes as a financial operating system for modern businesses. 

From invoicing to cross-border payments and embedded credit, Pryme is bundling fragmented financial services into one borderless experience and there is huge demand for.

Over 1.5 billion people now work as freelancers globally. In Africa, these professionals and small businesses are boxed in by outdated banking systems, weak credit access, and an inability to move money freely. Pryme is working to be the infrastructure company that serves them where banks won’t.

The company started in 2016 with a single prepaid card, OjirehPrime, launched from a broken Samsung tablet somewhere in Africa. That card eventually attracted 40,000 users. In 2020, Pryme acquired a licensed microfinance bank. Two years later, it launched a mobile app. 

Today, it is working on acquiring an IPO-ready enterprise platform in Canada, an aggressive move to gain access to North American markets, enterprise customers, and local compliance frameworks.

The £10 million term sheet from Black Water Fund is a good vote of confidence but also a cue of the risks involved in Pryme’s expansion. The remaining £20 million is yet to be secured. 

Speaking of opportunities, in 2024 alone, remittances to low- and middle-income countries reached $685 billion, according to the World Bank.

Traditional banks have left this global, digital-first segment underserved. That vacuum has created an opening for infrastructure-layer fintechs like Pryme.

Pryme’s platform today includes Multi-currency banking for international payments, Embedded credit products for small business growth, AI-powered insights for real-time financial decision-making and Enterprise tools like invoicing and ERP systems.

The firm’s expansion plan includes strengthening its presence in the UK and North America, building out compliance frameworks, and absorbing tech infrastructure that allows it to scale fast.

“Pryme’s platform now includes multi-currency banking, embedded credit, AI-powered insights, and ERP tools—positioning it as a financial OS for global entrepreneurs.”

“The company’s origin story—from a faulty Samsung tablet in Africa to a UK-headquartered fintech—adds a compelling narrative of resilience and innovation.”

With support from programmes like the Welsh Government’s Soft Landing Programme, as well as backing from FinTech Wales and Tramshed Tech, Pryme is building a new lane in the borderless finance space.