UK technology banking services, Revolut, reported double the losses in 2018, the firm said on Tuesday, according to CNBC.
The London-headquartered firm recorded a £32.8 million ($40.3 million) net loss on revenues of £58.2 million for 2018.
That was more than double the £14.8 million loss it posted a year earlier, while revenue increased 354%.
However, the company added that its gross profit margin had improved despite the cost of sales jumping 247%, as that figure was lower than the rise in revenue.
Founded in 2015, Revolut started as a pre-paid card and app that lets users spend abroad without paying high foreign exchange fees. It has since expanded its platform to include cryptocurrency trading and business accounts, and recently added share trading to its growing list of features.
The firm claims to have an average 3.7 million active users each month and 1.1 million daily active users.
Revolut is planning to raise a fresh round of funding later this year, with reports indicating that it could pull in as much as $500 million from investors.