Crypto-Friendly British App Revolut Reportedly Tripled Losses in 2019

Revolut, a crypto-friendly trading app and one of the biggest fintechs in Europe, reportedly tripled its losses in 2019 despite growth in revenue and new customers.

The London-based company reportedly posted a total loss of more than 106 million British pounds, up from about 33 million pounds in 2018.

Nik Storonsky, founder and CEO at Revolut, outlined that the massive losses in 2019 came despite a significant surge in customers, CNBC reports Aug. 11.

Over the course of 2019, Revolut also saw a sharp increase in revenue.

As reported, Revolut's revenues in 2019 jumped 180% from 58 million pounds in 2018 to nearly $163 million euro.

Revolut revealed its ambitious expansion plans in October 2019, announcing its partnership with Visa to grow its services globally across 24 new markets like Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States.

In August 2019, Revolut also launched a zero-fee stock trading feature to customers in the United Kingdom and Europe in a bid to compete with brokers like Hargreaves Lansdown AJ Bell.

Revolut has been showing apparent signs of difficulties in recent months.

Revolut is not the only crypto-related firm that posted some losses in 2019.

Galaxy Digital, a major crypto investment bank founded by ex-Goldman Sachs partner, Mike Novogratz, also continued to see losses in 2019, posting a $33 million loss in Q4 2019.