Revolut’s chief financial officer (CFO) Mikko Salovaara has quit the company after two years as it continues a joyless quest for a UK banking licence from the Financial Conduct Authority (FCA).

The CFO cited “personal reasons” for his departure from the digital bank and said that an interim CFO would be announced in due course.

Salovaara’s departure follows recent reports that Revolut’s accountant BDO said it was unable to verify two thirds – around £477 million -- of the FinTech’s reported £636 million 2021 revenues and concluded they may have been “materially misstated”.

BDO told the Telegraph that £477 million of Revolut’s revenues could not be fully verified due to “flaws in Revolut’s internal systems”.

This news prompted Schroders to write down its stake in Revolut by 46 per cent.

A spokesperson for Revolut told CNBC that Salovaara’s departure was unrelated to BDO’s concerns.

While Revolut secured an EU banking licence through Lithuania in 2018, the licence application lodged in the UK has been in the pipeline since 2021.

Revolut recently said it expected to obtain its UK licence “within weeks”, yet the ensuing reports from BDO may have further problematised the matter.

More recently, Revolut blamed the licence delay on the current global banking crisis which began with the collapse of Silicon Valley Bank after a bank run.

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