Revolut CFO departs after two years in the role

By Stefania Spezzati

LONDON (Reuters) - Fintech firm Revolut said on that Thursday Chief Financial Officer Mikko Salovaara is leaving the company, after two years in the role.

The 31-year-old executive, who joined the London-based start-up in 2021, had resigned "for personal reasons", a spokesperson for the company said.

The company has not said who will replace Salovaara.

Revolut is seeking to draw a line after a few tumultuous months. In March, audit firm BDO issued a so-called qualified opinion for the firm's 2021 accounts in which it cautioned that some information related to revenue may have been "materially misstated."

The warning drew scrutiny from regulators, causing further delays in Revolut's plan to secure a UK banking licence, Reuters reported in April. The company applied for a banking licence about two years ago.

Salovaara had previously said that the firm was "at the very final stage of the process," and that its relationship with UK regulators has been "reasonable".

Britain is a key market for Revolut, which aims to become a global financial firm.

“I thank Mikko for his contribution and wish him well on his next steps,” Chief Executive Nikolay Storonsky said in a statement.

The Financial Times reported Salovaara's departure earlier on Thursday.

(Reporting by Stefania Spezzati; Editing by Susan Fenton)