Revolut’s Chief Financial Officer (CFO), Mikko Salovaara, has left the company citing personal reasons. This departure follows the exit of James Radford, former CEO of Revolut’s banking division. Revolut continues to await a UK banking license, and its valuation has been slashed by Schroders, a major shareholder. Concerns were raised by Revolut’s auditor regarding the verification of the bank’s revenue, but the company stated that the concerns were addressed in 2021.
Facts
- Revolut’s CFO, Mikko Salovaara, has departed from the company for personal reasons.
- James Radford, the former CEO of Revolut’s banking division, left the company in March.
- Salovaara expressed gratitude for the opportunity to serve as Revolut’s group CFO and remains confident in the firm’s future success.
- Revolut is still awaiting a UK banking license, which it applied for in January 2021.
- Schroders, a Revolut shareholder, has devalued its stake in the neobank by nearly half, potentially impacting Revolut’s valuation of $33 billion.
- Concerns were raised by Revolut’s auditor, BDO, about the verification of 75% of the bank’s revenue in its annual report for 2021.
- Revolut’s spokesperson stated that the bank’s revenue was not in question and that the auditor’s concerns were addressed in 2021.
