Revolut CFO quits for ‘personal reasons’

Salovaara leaves Revolut as the firm's two-year quest to secure a UK banking licence appears in trouble, with the Financial Times reporting that the process has "nearly halted".

At the beginning of March, Salovaara - who joined Revolut in 2021 - had signalled that the unusually-long process to secure a licence was coming to a close, promising that it would arrive "any day now".

In a statement, he says: "I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm’s future success."

CEO Nik Storonsky adds: "I thank Mikko for his contribution and wish him well on his next steps."

Following a six-month delay, Revolut finally filed its accounts in March. However, auditor BDO flagged concerns that it could not verify £477m of revenue, nor vouch for their “completeness or occurrence”, due to the configuration of Revolut's internal IT systems.

Salovaara's exit follows the departure of a number of senior employees in the last year, including UK chief risk officer Victoria Stubbs, UK head of regulatory compliance Justine Wootton and UK money laundering reporting officer Mathew Seneviratne.

Separately, Wise chief Kristo Kaarmann is taking a three-month sabbatical from September to help look after his new-born son. Chief technology officer Harsh Sinha will fill in.

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