Constantinople, a banking technology start-up founded by former Westpac executives and backed by major venture capital funds, is in discussions with potential investors about raising more money after losses doubled over the last financial year despite an influx of new customers.

The start-up’s accounts, lodged with the Australian Securities and Investments Commission, said the loss was “predominantly driven by the start-up nature of the group”. Constantinople is backed by Airtree Ventures and Square Peg Capital and last raised $50 million last year.