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

LONDON — Revolut's main fiscal officer, Mikko Salovaara, is leaving the integer slope aft 2 years, citing idiosyncratic reasons.

"I americium grateful for the accidental to service arsenic Group CFO astatine Revolut and stay assured successful the firm's aboriginal success," Salovaara said successful a connection sent to CNBC via WhatsApp.

With a $33 cardinal valuation, privately-held Revolut is 1 of Europe's astir invaluable fintech companies. It offers no-fee existent accounts, overseas exchange, banal and cryptocurrency trading, insurance, and question bookings, among different services.

Revolut's CEO, Nik Storonsky, said, "I convey Mikko for his publication and privation him good connected his adjacent steps."

A institution spokesperson told CNBC that Salovaara resigned and has not been fired. He said it would beryllium inappropriate to divulge the idiosyncratic reasons that person led to his departure.

The Revolut spokesperson said Salovaara's determination was unrelated to concerns flagged by auditor BDO astir the company's fiscal accounts.

In March, BDO said that it was incapable to independently verify 3 quarters of the £636 cardinal ($795 million) of gross reported by the institution successful its delayed 2021 accounts.

In its latest yearly report, Revolut posted its first-ever afloat twelvemonth of profitability, posting a pretax nett of £59.1 cardinal connected gross of £636.2 million. In 2020, Revolut recorded a pretax nonaccomplishment of £205 million.

The institution was precocious to producing its accounts to the U.K. institution register, Companies House, successful clip for a Dec. 31 deadline. They were yet signed disconnected by BDO, Revolut's auditors, successful February.

A Revolut spokesperson said the institution had a "strong finance" squad successful spot and would denote an interim caput to win Salovaara successful owed course.

Revolut has agelong been pursuing a U.K. slope license. The institution began its exertion for a banking licence successful 2021, and has complained of delays successful the process with CEO Storonsky precocious accusing regulators of slowing down its application.

In an interrogation with The Times published past week, Storonsky said that it is "hard to bash concern successful the U.K.," adding that the institution would ne'er see a listing successful London.

"In the U.K. determination are higher taxes to wage and an highly bureaucratic regulator," Storonsky told the publication.

He and co-founder Vlad Yatsenko said that analyzable and unclear regulatory requirements had prevented them from competing globally and the U.K. had go a little charismatic spot for talented radical since Brexit and the Covid pandemic, according to The Times.

The U.K. authorities and the Financial Conduct Authority were not instantly disposable for remark erstwhile contacted by CNBC.

Salovaara's determination to discontinue has raised questions astir the company's way toward an eventual banal marketplace listing. Revolut precocious had its valuation chopped astir 46% by the plus manager Schroders, reflecting the grim capitalist temper surrounding the fintech market.

Correction: Vlad Yatsenko is co-founder of Revolut. An earlier mentation misspelled his name.