Losses of startup Revolut tripled

British fintech startup Revolut reported on financial performance in 2019, writes forklog.

As CNBC writes, as of December 31, 2019, the company’s losses amounted to £ 106.5 million (almost $ 140 million). For comparison – in 2018 this figure was £ 32.9 million (more than $ 40 million).

At the same time, Revolut’s revenue grew by 180% – from £ 58.2 million (about $ 76 million) in 2018 to £ 162.7 million (almost $ 213 million).

The company’s user base increased to 10 million from 3.5 million a year earlier. The growth in the number of active clients per day was 231%, and the number of paying customers – by 139%, said the head of Revolut Mykola Storonsky.

The growing losses in the company were explained by the increased investment in new products and international expansion.

Revolut also stressed that, despite the coronavirus pandemic, the dynamics of the startup’s development did not slow down.