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Tech losses widen to £100m



Losses at London-based fintech widened to more than £100m for the year ended 2022. posted net losses of $126.3m (£100.5m) in its 2022 accounts, up more than 400% from the $25m loss posted the year prior.

The company put the poor performance down to a “shift in the macro environment and geopolitical backdrop in 2022”.

“Rising inflation and reduced consumer spending/confidence” was cited by as a drag on growth.

Year-on-year revenue was slightly down from $259.6m in 2021 to $246.3m in 2022 while expenses jumped dramatically.

The payments unicorn noted that the “movement of merchants” served by the company, which are now “being serviced by another group as a result of Brexit” impacted net revenue growth.

The lifting of Covid-19 lockdown restrictions and the subsequent “return of customers to physical retail” was said to have “had an impact on the company’s online commerce clients”. is one of the most valuable fintechs in Europe. The company was valued at $40bn in January 2022, but slashed its internal valuation to $11bn by the end of the year.

In 2023, expanded its product offering significantly, with the launch of physical and virtual payment cards and a bespoke identity verification service, its first new service launched outside of its core suite of payment tools.

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