Moniepoint bets $7.39 million on London expansion in UK remittance push
- Moniepoint has incurred $3.77 million in costs related to its London remittance operations since February 2024.
- The fintech allocated $7.39 million for its London expansion, spending nearly half of it so far.
- Between February and December 2024, Moniepoint reported a loss of $1.26 million on administrative and infrastructure expenses.
Moniepoint's aggressive investment strategy in the UK remittance market, despite initial losses, reflects a strong commitment to capturing a significant share of the lucrative remittance corridor between the UK and Nigeria. The successful launch of MonieWorld and the backing from major investors indicate a promising future, but the company must navigate regulatory challenges and competition effectively to sustain growth.
