Revolut Ltd. Chief Financial Officer Mikko Salovaara is leaving the UK-headquartered fintech “for personal reasons” after two years in the job.
(Bloomberg) — Revolut Ltd. Chief Financial Officer Mikko Salovaara is leaving the UK-headquartered fintech “for personal reasons” after two years in the job.
“I thank Mikko for his contribution and wish him well on his next steps,” Chief Executive Officer Nik Storonsky said in an emailed statement.
Revolut applied for its UK banking license in January 2021, but has faced a number of obstacles including concerns around its accounts. Auditors have said they were unable to satisfy themselves on the “completeness and occurrence” of almost three quarters of Revolut’s revenue.
In March when Revolut reported its delayed results, Salovaara said the company was “nearly there” with gaining its license, which would allow it to take customers deposits. But the process has dragged on, prompting the firm’s founders to last week criticize the UK as “not the business environment to operate in the modern world.”
Revolut was Europe’s most valuable startup when it achieved a value of $33 billion in 2021, before a gloom enveloped the startup world and investor support dried up. In the latest sign of caution, an investment trust managed by Schroders Plc last month said it slashed the value of its small stake in Revolut by 46%.
“I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm’s future success,” said 31-year-old Salovaara, who joined the firm in early 2021. City AM reported his departure earlier.
(Update with details on Revolut performance from third paragraph.)
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