Challenger bank Revolut announced that its losses tripled in 2019 to more than £100m — figures it put down to the need to invest in growing its business and client base in the teeth of a recession.

In its 2019 results, filed at Companies House, the company reported its losses before tax leapt from £33m in 2018 to £106.8m last year. It also said its costs — spent on things like acquiring new customers and recruiting new staff — increased from £92.3m to £270m.