Revolut obtained permission to extend the deadline for filing its 2022 financials for the second year in a row. According to Companies House, Britain’s public registry of firms, the fintech company’s filings were due on 13 September.
Revolut postpones 2022 financials filling again
Reuters quoted a spokesperson for Revolut, who commented as follows:
We have received an extension for the filing of our 2022 accounts. We look forward to announcing our 2022 audit and annual report in due course.
This comes after Revolut’s 2021 financial results were only published in March 2023, and the company’s auditor, BDO LLP, said it could not independently verify three-quarters of the £636m revenue. This brought Revolut under the regulatory scope and caused additional delays in the company’s intention to obtain a UK banking licence.
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When the Financial Reporting Council – the UK authority that regulates auditors – discovered gaps in the Revolut 2020 audit, the company changed its internal accounting system. Back then, this authority felt that Revolut’s accounting practices posed a too high risk of material misstatement.
Notably, the company’s Chief Financial Officer, Mikko Salovaara, left the company in May after a two-year stint. The British Companies House indicated Revolut had to publish its financial results on 30 August but received an extension to 13 September. After having missed the latest deadline, interested parties are holding their breath to see if the company will meet the most recent extension.
The latest funding numbers peg the company’s value at $33bn. Since its first market appearance in 2015, Revolut has raised roughly $1.7bn from investors such as Softbank.
