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British fintech startup Revolut has reported its losses tripled in 2019.

The CNBC has reported that as of December 31, 2019, the company's losses amounted to £106.5M ($140M). This compares with the £32.9M (over $40M) losses reported back in 2018.

At the same time, Revolut's revenues have increased by 180%, from £58.2M (around $76M) in 2018 to £162.7M (almost $213M) in 2019.

The startup's user base has also almost tripled to 10 million. According to Revolut CEO Nik Storonsky, the number of active daily users rose by 231%, while the number of paying users increased by 139%.

The company claims the increase in losses is associated with greater investment in new products and international expansion.

Revolut also highlighted that, in spite of the coronavirus pandemic, the growth rate of the startup has not been affected.

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