Revolut, the CFO leaves the company in an uphill 2023 for the British fintech

Revolut the CFO leaves the company in an uphill 2023

(Tiper Stock Exchange) – Mikko Salovaara, CFO of Revolut, ha left the company fintech after two years in the role. “I am grateful for the opportunity to have served as Group CFO at Revolut and remain confident in the company’s future success,” Salovaara said, according to a statement released by a spokesperson.

Revolut, financial super app with over 29 million customers worldwide, is still trying to get banking license in UKone of its key markets, where it applied in 2021. However, the authorization has not yet arrived and in the meantime criticisms have emerged from the auditors of the company’s financial statements.

As of March 2023, BDO extension issued a so-called “judgment with reliefs” for the accounts 2021, warning that some revenue information may have been “materially incorrect.” On that occasion, Salovaara said that the company was “in the final stage of the process” to obtain the banking license in the UK and that its relationship with the regulators was “reasonable”.

In an interview with The Times published last week, CEO Nik Storonsky said though that it is “difficult to do business in the UK“, noting that Revolut will not consider a London listing. “In the UK, there are higher taxes to pay and an extremely bureaucratic regulator,” Storonsky said.

Thanks Mikko for his contribution and I wish him the best in his future,” the CEO said today, commenting on the CFO’s exit.

Revolut had become the most valued startup in Europe in July 2021, when it closed an $800 million funding round at a $33 billion valuation. As of late April 2023, Schroders has though devalued its stake in fintech by 46%.

Revolut does not have a banking license even in Italywhere he works with the Passport Lithuanian licence in December 2021. Fintech reached 1 million 200 thousand customers in the country last month.