Fintech Revolut CFO Quits

Revolut’s chief financial officer, Mikko Salovaara, has resigned from his position due to personal reasons after serving for two years.

Salovaara joined the London-based company in 2021 and had overseen Revolut’s significant expansion and product launches.

Revolut’s Growth

Revolut has experienced tremendous growth in the past few years, expanding its offerings beyond banking to include stock trading, cryptocurrency exchange, and other services. In 2021, the company raised $800 million in funding, valuing it at $33 billion. Revolut has also been making acquisitions to enhance its offerings, with the most recent purchase of the payments app, Paysend.

Revolut has been one of the fastest-growing fintech companies in the UK, and Salovaara’s departure marks the second high-profile executive to leave the company this year.

Revolut has been expanding its offerings and services globally, and it faces significant competition from established banks and other fintech firms. The company has been investing in its infrastructure and technology to enhance its product offerings, including artificial intelligence and machine learning capabilities.

Leaving on good terms

Revolut’s co-founder and CEO, Nikolay Storonsky, expressed his gratitude to Salovaara for his contributions to the company’s growth and wished him the best in his future endeavors. Storonsky also emphasized the importance of finding a suitable replacement for Salovaara, stating that the CFO role is critical to the company’s continued success.

Overall, while Salovaara’s departure from Revolut is undoubtedly a loss for the company, it presents an opportunity for the fintech firm to find a new CFO who can help guide the company through its next phase of growth and expansion. Revolut remains one of the most promising fintech companies in the UK, and its ability to innovate and adapt will be crucial to its continued success in a highly competitive market.

Source: Bloomberg News