he CFO of Revolut has give up the agency simply weeks after its auditor stated it was unable to independently confirm three-quarters of the income within the firm’s 2021 accounts.
Mikko Salovaara, who was first appointed CFO in April 2021, stated he was leaving the London fintech for private causes.
In a press release he stated: “I’m grateful for the chance to function group CFO at Revolut and stay assured within the agency’s future successes.”
Revolut co-founder Nik Storonsky stated: “I thank Mikko for his contribution and want him effectively on his subsequent steps.”
In March, the fintech’s auditor, BDO, warned some data on its accounts could also be “materially misstated” and stated it couldn’t present assurance over £477 million of the agency’s income, including that its “IT methods weren’t designed in such a approach that will permit for IT or enterprise course of controls to be successfully examined all year long.”
A Revolut spokesperson stated the financial institution’s general income determine “was not in query” and BDO’s issues have been “remedied in 2021.”
Revolut’s accounts have been printed two months after the statutory submitting deadline. Salovaara advised Reuters the delay was as a result of “our accounting methods wanted alternative.”
“There’s no doubt over the completeness of the steadiness sheet, which, in flip, logically implies that complete income can also be appropriate,” he stated.
It comes amid a difficult interval for considered one of London’s largest tech corporations because it wrestles with regulators to safe a UK banking license. In March, Salovaara stated Revolut was “actually close to the very ultimate levels”
Presently, the corporate solely has a license in Lithuania however might quickly attain a scale that causes it to fall below the aegis of the European Central Financial institution.
Final month, investor Schroders stated it had written down its stake within the enterprise by as a lot as 46%, wiping some $15 billion off its estimated worth.
The Canary Wharf-based agency, which affords debit playing cards and crypto companies to its 27 million clients, posted revenues of £636 million for the yr to end-December 2021, whereas internet income topped £26 million, turning round a lack of £223 million the yr earlier than.
