Revolut expected to sign off overdue accounts next week


Revolut expects to sign off on its financial accounts next week after months of delays in finalising the figures as auditors put pressure on the fintech group to improve its internal controls.

The UK-based company’s audit committee will meet on Thursday to approve the 2021 financial accounts, which are then expected to be signed off by auditor BDO on Friday, people familiar with the matter told the Financial Times.

The company, led by Nik Storonsky, has suffered significant growing pains in its quest to take on traditional banks. Insiders have revealed a hard-charging culture and the company, last valued at $33bn in July 2021, has been hit by high-profile departures of senior compliance staff.

Regulators have examined its culture and requested a separate review of the measures in place to prevent and detect financial crime at the fintech which has been seeking a UK banking licence since early 2021.

The filing of the accounts could clear another of the obstacles to the company’s attempts to gain the licence. The UK regulators in charge of granting the licence — the…

Read more…