Revolut’s CFO leaves the digital bank after two years, citing personal reasons

LONDON — Revolut’s Chief Financial Officer Mikko Salovaara is leaving the digital financial institution after two years, citing private causes.

“I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm’s future success,” Salovaara mentioned in an announcement despatched to CNBC through WhatsApp.

With a $33 billion valuation, Revolut is one in all Europe’s most dear fintech corporations. The agency provides no-fee present accounts, overseas 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 wish him well on his next steps.”

An organization spokesperson advised CNBC Salovaara resigned and has not been fired. He mentioned it might be inappropriate to expose the private causes which have led to his departure.

The Revolut spokesperson mentioned Salovaara’s determination was unrelated to issues 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 firm was late to producing its accounts to the U.Okay. firm register, Companies House, in time for a Dec. 31 deadline. They have been lastly signed off by BDO, Revolut’s auditors, in February.

A Revolut spokesperson mentioned the corporate had a “strong finance” group in place and would announce an interim head to switch Salovaara sooner or later.

Revolut has lengthy been pursuing a U.Okay. financial institution license. The firm started its software for a banking license in 2021, and has complained of delays to the method with CEO Storonsky just lately accusing regulators of slowing down its software.

In an interview with The Times revealed final week, Storonsky mentioned that it’s “hard to do business in the U.K.,” including that the corporate would by no means take into account a list in London.

“In the U.K. there are higher taxes to pay and an extremely bureaucratic regulator,” Storonsky advised The Times.

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 Times.

Salovaara’s determination to stop has raised questions in regards to the firm’s path towards an eventual inventory market itemizing. Revolut just lately had its valuation lower round 46% by the asset supervisor Schroders, reflecting the grim investor temper surrounding the fintech market.