Revolut’s CFO exits fintech

Revolut’s Chief Financial Officer, Mikko Salovaara, is leaving the digital bank after serving for two years, citing personal reasons. Salovaara’s resignation is unrelated to concerns raised by auditor BDO about the company’s financial accounts. In March, BDO was unable to independently verify 75% of the £636 million ($795 million) revenue reported by the company in its delayed 2021 accounts. However, the Revolut spokesperson confirmed that Salovaara resigned and had not been fired.

Revolut, valued at $33 billion, is one of Europe’s most valuable fintech companies. The firm provides no-fee current accounts, insurance, travel bookings, stock and cryptocurrency trading, and other services. In its latest annual report, Revolut recorded its first-ever full year of profitability, posting a pre-tax profit of £59.1 million on revenues of £636.2 million.

Revolut has been pursuing a banking license in the UK since 2021 and has complained about regulatory delays, accusing regulators of slowing down its application. The company’s co-founders, Nik Storonsky and Vlad Yatesnko, believe that complex and unclear regulatory requirements have prevented them from competing globally, and the UK has become a less attractive place for talented people since Brexit and the Covid pandemic.

Salovaara’s resignation has raised questions about Revolut’s path towards an eventual stock market listing. Schroders, the asset manager, recently cut Revolut’s valuation by around 46%, reflecting the grim investor mood surrounding the fintech market. However, a Revolut spokesperson stated that the company has a strong finance team in place and will announce an interim head to replace Salovaara in due course.