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Losses at banking start-up Monzo rose to £113.8m from £47.1m in its latest annual report as it said coronavirus disruption had threatened its ability to operate.
The business said in its annual report that "the ability of the Group to continue as a going concern is subject to material uncertainties" following the pandemic.
Monzo's revenues rose to £67.2m from £19.7m in the 12-month period to February.
The amount spent by Monzo customers also rose to £10.9bn, up from £3.6bn the previous year.
However, the business warned that it expects growth to slow in 2020.
"We've seen organic customer growth slow as word-of-mouth drops, and we’ll see reductions in revenues and higher credit losses," co-founder Tom Blomfield wrote in the report.
The business added more than 2.3 million new customers in the past year to bring its total to 4.4 million customers but warned that growth is likely to slow in 2020. It expects to add at least 1 million more customers this year.
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Monzo said in the report that it has chosen to delay some product launches because of the coronavirus pandemic. "We didn't feel they were the right products for our customers at this time," the company wrote.
The start-up's latest annual report comes after the company’s valuation dropped from more than £2bn to around £1.25bn in a June funding round which saw the company raise £60m from investors including Swiss fund Reference Capital and Vanderbilt University.
The start-up made up to 80 of its employees in London redundant this year and also offered to furlough 295 employees. Monzo said in the report that "we're working hard to avoid further redundancies."
Industry experts have warned of a particularly difficult period for many financial technology businesses which have had to scale back ambitious growth plans during the pandemic.
McKinsey predicted that global payments revenues could drop by up to 10pc, a fall of $210bn (£167bn), compared to its pre-pandemic prediction of a growth of 6pc. It said this could have a similar impact to the 10-11pc revenue drop caused by the 2008 financial crisis.
Mr Blomfield, who started the business in 2015, announced in May that he would step down from the chief executive role at the company and move to the newly created role of president.
He has also waived his salary for a year as part of cost-cutting measures announced at the height of the pandemic.
TS Anil, a former Visa executive who was hired as the start-up’s US head last year, is now the company’s global chief executive.
The digital bank applied for a US banking licence in April and relaunched its Monzo Plus premium accounts in July, which offer extra features for £5 per month.
