Revolut’s losses triple despite growth in revenue and user base

The British fintech startup Revolut reported its financial results for 2019.

According to CNBCCNBC, as of December 31, 2019, the company’s losses stood at £106.5 million (about $140 million). By contrast, in 2018 the figure stood at £32.9 million (over $40 million).

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

The company’s user base grew to 10 million from 3.5 million the year before. Daily active users rose by 231%, and paying users by 139%, said Revolut chief Nikolay Storonsky.

The growing losses were attributed to increased investments in new products and international expansion.

Revolut also stressed that, despite the coronavirus pandemic, the startup’s momentum did not slow.

In April, the online bank Revolut opened the ability to trade cryptocurrencies for all users.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.