The Revolut logo displayed on a smartphone.
Igor Golovniov | SOPA Images | LightRocket via Getty Images
LONDON – Revolut CFO Mikko Salovaara is leaving the digital bank after two years for private reasons.
“I’m grateful for the opportunity to function group CFO at Revolut and I’m confident in the company’s future success,” Salovaara said in a press release sent to CNBC via WhatsApp.
With a valuation of $33 billion, Revolut is certainly one of the most beneficial fintech corporations in Europe. The corporate offers free current accounts, currency exchange, stock and cryptocurrency trading, insurance and travel booking, amongst others.
Revolut CEO Nik Storonsky said: “I thank Mikko for his input and want him well in his next steps.”
A spokesperson for the company told CNBC Salovaara that he resigned and was not fired. He said it will be inappropriate to disclose the personal reasons that led to his departure.
A Revolut spokesperson said Salovaara’s decision was unrelated to BDO auditor’s concerns about the company’s financial accounts.
In March, BDO said it was unable to independently confirm three-quarters of the £636 million ($795 million) revenue reported by the company in its delayed 2021 accounts.
In its latest annual report, Revolut posted its first full 12 months of profitability, posting a pre-tax profit of £59.1m on revenue of £636.2m. In 2020, Revolut posted a pre-tax lack of £205m.
The corporate missed submitting its accounts to the UK company register, Firms House, in time for December 31. They were finally signed by BDO, Revolut’s auditors, in February.
A Revolut spokesperson said the company had a “strong finance” team and would announce an interim boss to switch Salovaara sooner or later.
Revolut has been applying for a banking license in the UK for a very long time. The corporate began applying for a banking license in 2021 and has complained about delays in the process, with CEO Storonsky recently accusing regulators of slowing down the application.
In an interview with The Times published last week, Storonsky said it was “difficult to do business in the UK”, adding that the company would never consider going public in London.
“There are higher taxes to pay in the UK and a particularly bureaucratic regulator,” Storonsky told The Times.
He and co-founder Vlad Yatesnko said complex and unclear regulatory requirements have prevented them from competing globally, and the UK has develop into a less attractive destination for talented people since Brexit and the Covid pandemic, in line with The Times.
Salovaara’s decision to depart raised questions on the company’s path to a possible IPO. Revolut recently lowered its valuation by around 46% by asset manager Schroders, reflecting the gloomy sentiment of investors around the fintech market.