Revolut Losses Hit $280 Million in 2020 With Staff Costs Surging
- Cryptocurrencies, client subscriptions drove revenues
- CEO Stroronsky said no ‘target in mind’ for stock listing
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Revolut Ltd., one of Europe’s largest startups, saw its operating losses double to 201 million pounds ($280 million) in 2020 as rapid growth around the globe caused staff costs to surge.
Administrative expenses at the fintech company co-founded by Nikolay Storonsky rose to 266 million pounds, compared to 125 million pounds in 2019, according to the company’s latest annual report. That was driven by 170 million pounds of staff costs, almost triple the previous wage bill, and higher spending on functions like risk and compliance.