He has held the top finance role in Revolut for the last two years.
The company is in the process of announcing an interim CFO.
Mikko Salovaara, the Group Chief Financial Officer at Revolut, is leaving the mammoth of a fintech after more than two years of joining, citing "personal reasons."
The Departure of Revolut's CFO
"I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm's future success," Salovaara wrote in a statement sent to the media houses.
The departure came when the London-headquartered digital bank faces scrutiny as auditor BDO could not verify three-quarters of the revenue reported by the fintech in its delayed 2021 accounts. The company is also seeking a banking license in the UK, for which it applied in 2021.
Revolut clarified that Salovaara's departure is unrelated to the concerns flagged by BDO about the company's financials. The company further stressed that Salovaara voluntarily resigned, not being fired, and it could not divulge his 'personal reasons' behind the move publicly. It is unclear if Salovaara is joining any company or has other plans.
"I thank Mikko for his contribution and wish him well on his next steps," said Revolut's CEO, Nik Storonsky.
A Profitable Fintech
Revolut is a massive company offering digital banking services in the UK, Europe, and several other countries. Its offerings include no-fee current accounts, foreign exchange, stock, and cryptocurrency trading, among others. The valuation of the fintech was slashed by 46 percent to $17.7 billion earlier this year by Schroders, one of Revolut's most steadfast investors.
Established in 2015, the company became profitable last year with a pretax profit of £59.1 million on revenue of £636.2 million. The profitability came a year after with a pretax loss of £205 million.
Meanwhile, Revolut witnessed several senior departures last year. Some of them are Revolut's UK Chief Risk Officer, Victoria Stubbs, UK Head of Regulatory Compliance Justine Wootton, and Mathew Seneviratne, who was the UK Money Laundering Reporting Officer.
Mikko Salovaara, the Group Chief Financial Officer at Revolut, is leaving the mammoth of a fintech after more than two years of joining, citing "personal reasons."
The Departure of Revolut's CFO
"I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm's future success," Salovaara wrote in a statement sent to the media houses.
The departure came when the London-headquartered digital bank faces scrutiny as auditor BDO could not verify three-quarters of the revenue reported by the fintech in its delayed 2021 accounts. The company is also seeking a banking license in the UK, for which it applied in 2021.
Revolut clarified that Salovaara's departure is unrelated to the concerns flagged by BDO about the company's financials. The company further stressed that Salovaara voluntarily resigned, not being fired, and it could not divulge his 'personal reasons' behind the move publicly. It is unclear if Salovaara is joining any company or has other plans.
"I thank Mikko for his contribution and wish him well on his next steps," said Revolut's CEO, Nik Storonsky.
A Profitable Fintech
Revolut is a massive company offering digital banking services in the UK, Europe, and several other countries. Its offerings include no-fee current accounts, foreign exchange, stock, and cryptocurrency trading, among others. The valuation of the fintech was slashed by 46 percent to $17.7 billion earlier this year by Schroders, one of Revolut's most steadfast investors.
Established in 2015, the company became profitable last year with a pretax profit of £59.1 million on revenue of £636.2 million. The profitability came a year after with a pretax loss of £205 million.
Meanwhile, Revolut witnessed several senior departures last year. Some of them are Revolut's UK Chief Risk Officer, Victoria Stubbs, UK Head of Regulatory Compliance Justine Wootton, and Mathew Seneviratne, who was the UK Money Laundering Reporting Officer.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Exclusive: Scope Markets' CMO James Hughes Departs to Pursue New Venture
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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