Digital banking app Revolut saw losses triple to £106.5 million in 2019, despite a sharp rise in revenues and customers.
Losses were up from £32.8 million in 2018 as the UK-based unicorn invested heavily in staff, international expansion into markets including the US and Singapore, as well as new products, including a stock trading offering.
Revenues were up 180% to £162.7 million while customer numbers soared from 3.5 million to 10 million at the firm, which was valued at $5.5 billion in a funding round earlier this year.
CEO Nikolay Storonsky says: "While we still have some way to go, we are pleased with our progress in 2019."
Revolut follows rivals Monzo and Starling in reporting annual losses but unlike Monzo makes no warning about the Covid-19 pandemic and its ability to continue as a "going concern".
Says chairman Martin Gilbert: “Our continued growth and expansion during the pandemic has shown the resilience of our strategic plans and we are pleased that these plans are further endorsed by new investors.”