October 1, 2019 / 8:56 AM / 13 days ago

Fintech firm Revolut's 2018 net loss doubles

WARSAW, Oct 1 (Reuters) - British-based digital banking app Revolut said its 2018 net loss doubled to almost 33 million pounds ($40.6 million) as the fast growing fintech invested in its development, but it added that revenues rose to 58 million pounds from 13 million a year earlier.

The London-based start-up is one of a breed of new digital-only account providers taking aim at traditional high street banks, offering cheap transactions to businesses and individual consumers. The company says it has 7 million customers in Europe and had signed up 700,000 customers in Poland in a little more than a year.

Poland has been one of Revolut’s key markets, prompting domestic banks in the country to lower their exchange rates.

The company said in a statement it saw its revenues tripling in 2019 thanks to its rising customer base, new products and new markets. ($1 = 0.8132 pounds) (Reporting by Marcin Goclowski Editing by Louise Heavens)

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