Revolut CFO Resigns Citing ‘Personal Reasons’

Revolut’s chief financial officer has stepped down two years after joining the British FinTech.

Mikko Salovaara’s resignation was due to “personal reasons,” a company spokesperson told PYMNTS Thursday (May 11).

“I am grateful for the opportunity to serve as group CFO at Revolut and remain confident in the firm’s future success,” Salovaara said in a statement provided by the company.

That statement included a brief comment from Nik Storonsky, the firm’s founder and CEO: “I thank Mikko for his contribution and wish him well on his next steps.”

Salovaara joined Revolut as vice president of finance in January 2021 following a tenure as a regional CFO at Kraft Heinz. He became the company’s finance chief four months later, according to his LinkedIn profile.

His departure comes as Revolut waits to receive a banking license in the U.K., something it applied for more than two years ago.

Earlier this week, Stronosky said recent banking turmoil has delayed the company’s quest for a license.

Revolut is in licensing discussions with two British regulators: the Financial Conduct Authority and Prudential Regulation Authority. The talks have continued much longer than the typical turnaround time for a license, which is normally less than a year.

Movement on the company’s license appears to have slowed or essentially stopped.

PYMNTS wrote in 2022 that Revolut was under pressure to improve its internal financial reporting controls after the U.K.’s Financial Reporting Council found the company’s audits were flawed and had a high risk of “misstatement.”

March brought the news that Revolut’s board had criticized the company’s response to an audit of its books. In February, the company announced that an opinion by auditors “confirmed that ‘the financial statements give a true and fair view’” of its operations.

However, the auditor warned that the company’s revenues could be “materially misstated.”

Obtaining a banking license in the U.K. could improve Revolut’s profitability as higher interest rates make deposits more valuable, as well as help open the door for the platform to receive licenses in other markets, including the U.S.

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