The operating losses of fintech service Revolut doubled in 2020 to $280 million, Bloomberg has reported citing a company report.
In 2019, losses rose to $136.5 million due to the company's entry into new markets.
Along with losses, the company has doubled its administrative costs, while staff costs nearly tripled to the previous period.
In 2020, the company's revenues amounted to $361 million, up 57% from 2019 ($229 million).
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Revolut's revenue from crypto transactions amounted to $54 million.
By the end of 2020, the number of retail customers increased by 45% compared to 2019 and amounted to 14.5 million, while the number of business customers doubled to 500,000.
Bloomberg has also reported Revolut has started negotiations to receive investments and reach a valuation of $20 billion.