Revolut has reported losses for last year rising to £106.5 million, up from £33 million in 2018.

The digital challenger bank's annual report for the year to 31 December 2019 showed a 180 per cent increase in revenue to £162.7 million, from £58 million the year before.

Most of this is generated through interchange fees, with almost all of this coming from UK business.

The report stated that Revolut has “significant headroom above its regulatory capital and liquidity requirements", although the financials did not take account for the last few months affected by the Coronavirus.

It did take account of the fact that “restrictions on customers’ ability to undertake travel and other expenditure can negatively impact on the ability of Revolut to generate revenue,” meaning that “growth has slowed”.

But while the popularity of Revolut's foreign exchange features have been hit, it reported that areas of the business like cryptocurrency trading, “have been positively impacted by COVID-19 in the short term”.

Despite the “lower than expected customer growth rates,” Revolut now has over 10 million signed up, with an increase of 231 per cent in daily active users.

At the end of 2019, these customers held over £2.36 billion in their accounts, an average of just over £236 per customer - although this was down slightly from £265 per customer in 2018.

As previously mentioned, Revolut is looking to “obtain further regulatory authorisations required to expand our product offerings across jurisdictions”, with the long-rumoured UK banking licence application potentially forthcoming.

In the meantime, it will use the existing Lithuanian banking licence and launch in other European markets.

Last month, Revolut topped up its pre-Coronavirus Series D funding round with an $80 million extension, to make a total of $580 million at the same valuation.

The latest investment will be used to accelerate the roll-out of banking operations across Europe, including full bank accounts and lending services, as well as to speed up production of new product lines, including a new subscription management tool and a rewards programme for customers.

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