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Revolu’s annual losses double due to rising risk control costs

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A woman holds a smartphone with the Revolut app in front of a Revolut logo shown in this illustration taken on February 4, 2020. REUTERS / Dado Ruvic / Illustration

LONDON, June 21 (Reuters) – Digital banking app Revolut said its annual losses had doubled to just over £ 200million ($ 278million) as administrative costs rose from investments in risks, compliance and controls.

Administrative costs have increased from £ 125m in 2019 to £ 266m in 2020, Revolut said, outpacing revenue growth as it expands into new markets.

Founded in 2015 by former Credit Suisse trader Nik Storonsky and software developer Vladyslav Yatsenko, Revolut has since attracted more than 15 million retail clients with products such as currency exchange, debit cards and trading. ‘actions.

The London-based start-up is one of UK fintech’s biggest success stories, attracting clients drawn by its low rates on currencies as well as investments in cryptocurrency and other products.

This success fueled its expansion, with the company applying for its banking license in the United States this year.

Revolut has drawn criticism, however, with Reuters reporting numerous complaints in 2019 from customers about their funds being frozen and poor customer service.

The fast-growing fintech announced in April that it would hire around 300 people in India as it builds its global support center there.

Revolut announced on Monday that customer balances had nearly doubled from £ 2.4bn to £ 4.6bn as it expands into markets such as the United States, Australia and Japan.

($ 1 = 0.7207 pounds)

Reporting by Lawrence White; Editing by Alexander Smith

Our standards: Thomson Reuters Trust Principles.

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