Revolut’s chief financial officer retired two years after starting work in the British fintech industry.
The media, citing representatives of the company, reported that Mikko Salovaara’s departure was due to personal reasons. In the statement of the CFO on the occasion of his resignation, he thanks the company for the opportunity to work in the position held and expresses confidence that the future of Revolut will be successful.
Nik Storonsky, founder and CEO of the company, thanked Mikko Salovaara for his contribution to the company’s activities and wished him success in his future life plans.
Miko Salovaara joined Revolut as Vice President of Finance in January 2021. Before that, he worked as a regional finance director at Kraft Heinz. The relevant information is contained in his LinkedIn profile.
The departure of the CFO coincided with the period when Revolut is awaiting a banking license from British regulators. The company submitted the corresponding application more than two years ago.
Earlier this week, Nik Stronosky said that the process of obtaining a license was delayed due to the turmoil in the banking industry. Revolut is in licensing negotiations with two British regulatory authorities: the Financial Supervision Authority and the Prudential Regulation Authority. As a rule, such a negotiation process lasts no more than a year, but in this case, the time frame has gone beyond the limits of standard practice.
Currently, Revolut’s negotiations with regulators on obtaining a banking license are slowing down. Some experts suggest that this process could have been suspended.
Last year it became known that Revolut needs to work on improving control over financial reporting. The UK Financial Reporting Council has identified errors in the company’s audits and stated that there is a high probability of misstatements.
In March, Revolut spoke negatively about the official position of the authorities regarding accounting statements. A month earlier, the company stated that the auditors’ report confirmed the compliance of the financial statements with the actual results of operations. But at the same time, the auditor warned about the likelihood of misrepresentation of income information.
Obtaining a banking license in the UK could allow Revolut to increase profitability, as higher interest rates make deposits more valuable.