Revolut CFO Mikko Salovaara has quit, citing “personal reasons,” just weeks after an independent auditor raised concerns about the company’s revenue.
Revolut is a UK-based fintech company in the banking industry. The company recently had an independent audit, with the auditor warning that it could not verify three-quarters of the company’s 2021 revenue, according to the Evening Standard.
“I am grateful for the opportunity to serve as group CFO at Revolut and remain confident in the firm’s future successes,” Salovaara said in a statement.
Salovaara’s departure does little to answer questions raised during the company’s audit when auditor BDO said some of Revolut’s account information could be “materially misstated.” The auditor went on to note that it could not verify £477 million in revenue, saying that Revolut’s “IT systems weren’t designed in such a way that would allow for IT or business process controls to be effectively tested throughout the year.”
Salovaara previously told Reuters the issue was a non-factor, despite the company filing its accounts two months after the deadline due to the ‘accounting systems needing replacement.’
“There is not any doubt over the completeness of the balance sheet, which, in turn, logically means that total revenue is also correct,” he said at the time.
Revolut has likewise tried to reassure everyone that there is no issue, saying its revenue “was not in question” and concerns raised by the audit were “remedied in 2021.”
As the Evening Standard points out, Revolut is trying to get a UK banking license. It remains to be seen how the results of the audit will impact the process.
