UK-based banking app Revolut has revealed that its net losses doubled in 2018 to just under £33m.
It explained the losses by pointing at the investment the FinTech unicorn has made in its development, according to Reuters. During the same period its revenues rose to £58m, up from £13m in 2017.
The news comes on the back of Revolut announcing that it would add 3,500 professionals to its staff as it planned to expand to Latin America by strengthening its partnership with Visa. That would mean that the number of people employed by the company would jump from 1,500 to 5,000 in the next year.
Revolut has also announced that it was going to expand further into the US, Russia, Japan and Brazil before growing even more into Asia and Latin America.
Moreover, in September Revolut revealed it had chosen BearingPoint RegTech as the solutions provider that would help it comply with regulations after Brexit. In the same month, Revolut unveiled its plans to open a new centre in Portugal.
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