Accounts filed with Companies House this week have revealed that Revolut made a loss of £106.5 million in 2019, an increase from the £32.8 million loss it posted in 2018.

The loss comes despite significant growth in Revolut’s business, with its customer numbers rising from 3.5 million to 10 million over the course of the year. These customers held £2.2 billion on Revolut’s cards by the end of 2019, up from £1 billion in 2018.

Revenues also saw an increase of 180% to £162.7 million, but failed to outpace losses.

In an emailed statement, Revolut chief executive Nikolay Storonsky took an optimistic stance on the news, emphasising the past year’s growth.

“While we still have some way to go, we are pleased with our progress in 2019,” he said. “We tripled our revenues, increased retail customers from 3.5 million to 10 million, increased daily active customers by 231% and the number of paying customers grew by 139%.”

“Despite the current economic challenges, we remain focused on our goal of moving towards profitability.”

Revolut is a London-based fintech startup that aims to build a single universal platform for its customers’ financial needs, initially beginning as an app-linked foreign exchange card before expanding into stock and cryptocurrency trading. It is currently one of Europe’s fastest-growing fintechs, and received a valuation of $5.5 billion during a funding round in February.

Revolut also disclosed in its accounts that it has assisted the government during the COVID-19 pandemic by supplying data on how its customers’ spending habits have changed across sectors while lockdown measures have been imposed.