Revenue at financial app Revolut almost tripled last year as its userbase expanded - however losses at the British firm also ballooned.

The London-headquartered financial technology firm has reported revenues of £162.7m - up 180% on the figure for 2018.

It came as its userbase grew to 10 million - almost three times the number a year previous.

However the firm's operating loss grew at an even faster rate, hitting £107.4m in 2019. That is more than three times the figure reported in 2018.

Revolut said its gross margin improved considerably last year, however its increased losses reflected continued investment in its growth and product.

Revolut operates as a digital-only financial service - allowing individuals and businesses to manage, transfer and invest their money via a mobile app.

It recently announced that it had 1.1 million users in Ireland, while it says its global userbase has expanded to 13 million in recent months.

Earlier this year it announced plans to expand its Dublin office to manage more of its European operations post-Brexit.

"While we still have some way to go, we are pleased with our progress in 2019," said Nik Storonsky, founder & CEO of Revolut. "We tripled our revenues, increased retail customers from 3.5 million to 10 million, increased daily active customers by 231% and the number of paying customers grew by 139%.

"Since the beginning of the year, we have focused on further developing innovative products for our customers, continuing to introduce Revolut to new markets, and increasing our revenue streams across the business, while reducing our operational costs."