Revolut losses triple even as revenues surge

Popular London fintech Revolut recorded post-tax losses of £107.4m last year, despite strong growth in customer numbers and revenues. The five-year-old company more than tripled its losses from 2018, which stood at £32.8m, according to the company’s annual report for 2019, published today.

 

This comes alongside a similar widening of losses at digital banking competitors Monzo and Starling. Monzo’s pre-tax losses grew to £115.4m for 2019 while Starling recorded a loss of £53.6m. 

 

Revolut chief executive Nikolay Storonsky said in a statement he was “pleased” with the company’s progress last year. Indeed, the fintech also posted strong revenues of £162.7m in 2019; a 180% increase from 2018, when it reported revenues of £58.2m. That falls just shy of predictions it would triple yearly revenues in 2019, targeting £180m in sales.

To read more, click here.