UK-based FinTech Revolut is set to delay filing its 2022 accounts for a second consecutive year.
In comments to Reuters, a spokesperson for the company said: "we have received an extension for the filing of our 2022 accounts.”
The spokesperson added that its 2022 audit and annual report, which were due on 13 September, will be announced “in due course”.
Revolut only published its 2021 accounts in March of this year, with auditor BDO raising alarm when it said it was not able to independently verify up to three-quarters of the £636 million revenue. This led to further scrutiny from regulators and added delays to the company’s plans to secure a UK banking licence.
The upstart firm has consistently had a poor reputation for its reporting processes.The Financial Reporting Council, which regulates auditors in the UK, said that Revolut’s 2020 audit was “inadequate” and that "the risk of an undetected material misstatement was unacceptably high". Revolut subsequently replaced its internal accounting systems.
Last month, Revolut drew ire from cryptocurrency traders in the US when it announced that it would stop allowing customers in the country to access crypto. US customers saw their ability to buy crypto halted on 2 September, while selling and holding will be disabled from 3 October.
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