The Revolut emblem displayed on a smartphone.
Igor Golovniov | SOPA Pictures | LightRocket through Getty Pictures
LONDON — Revolut’s Chief Monetary Officer Mikko Salovaara is leaving the digital financial institution after two years, citing private causes.
“I’m grateful for the chance to function Group CFO at Revolut and stay assured within the agency’s future success,” Salovaara mentioned in a press release despatched to CNBC through WhatsApp.
With a $33 billion valuation, Revolut is one in all Europe’s most useful fintech firms. The agency presents no-fee present accounts, international change, inventory and cryptocurrency buying and selling, insurance coverage, and journey bookings, amongst different companies.
Revolut’s CEO Nik Storonsky mentioned: “I thank Mikko for his contribution and need him nicely on his subsequent steps.”
An organization spokesperson instructed CNBC Salovaara resigned and has not been fired. He mentioned it could be inappropriate to reveal the non-public causes which have led to his departure.
The Revolut spokesperson mentioned Salovaara’s determination was unrelated to considerations flagged by auditor BDO in regards to the firm’s monetary accounts.
In March, BDO mentioned that it was unable to independently confirm three quarters of the £636 million ($795 million) of income reported by the corporate in its delayed 2021 accounts.
In its newest annual report, Revolut reported its first-ever full yr of profitability, posting a pre-tax revenue of £59.1 million on revenues of £636.2 million. In 2020, Revolut recorded a pre-tax lack of £205 million.
The corporate was late to producing its accounts to the U.Ok. firm register, Firms Home, in time for a Dec. 31 deadline. They had been lastly signed off by BDO, Revolut’s auditors, in February.
A Revolut spokesperson mentioned the corporate had a “sturdy finance” group in place and would announce an interim head to exchange Salovaara in the end.
Revolut has lengthy been pursuing a U.Ok. financial institution license. The corporate started its utility for a banking license in 2021, and has complained of delays to the method with CEO Storonsky lately accusing regulators of slowing down its utility.
In an interview with The Instances printed final week, Storonsky mentioned that it’s “onerous to do enterprise within the U.Ok.,” including that the corporate would by no means take into account an inventory in London.
“Within the U.Ok. there are increased taxes to pay and a particularly bureaucratic regulator,” Storonsky instructed The Instances.
He and co-founder Vlad Yatesnko mentioned that advanced and unclear regulatory necessities had prevented them from competing globally and the UK had change into a much less engaging place for gifted folks since Brexit and the Covid pandemic, in keeping with The Instances.
Salovaara’s determination to stop has raised questions in regards to the firm’s path towards an eventual inventory market itemizing. Revolut lately had its valuation minimize round 46% by the asset supervisor Schroders, reflecting the grim investor temper surrounding the fintech market.
