Revolut is reportedly delaying the filing of its 2022 accounts for the second consecutive year, as reported by Reuters. The company has received a three-month extension for this filing and aims to announce its 2022 audit and annual report “in due course.”
The accounts were originally due on September 13 of this year, according to Companies House. Earlier in March, Revolut submitted its highly anticipated 2021 accounts, which marked the company’s first annual profit. However, these accounts also contained significant reservations from the auditor, BDO. While the accounts were approved, BDO raised concerns about the inability to verify £477 million of revenue, citing issues with the completeness and occurrence of that revenue due to the configuration of Revolut’s internal IT systems. The auditor highlighted potential material misstatements, particularly in the company’s foreign exchange, wealth, and crypto sectors.
This delay further complicates Revolut’s efforts to secure a UK banking license from the FCA. In March, the Bank of England’s Prudential Regulation Authority (PRA) reportedly indicated plans to issue a statutory warning to the firm regarding its balance sheet concerns.
In May, CEO Nikolay Storonsky mentioned that regulatory delays in issuing the license were influenced by the ongoing banking crises related to Silicon Valley Bank and Credit Suisse. Should Revolut’s banking license be denied, the company would still be able to operate in the UK but would be barred from offering mortgages and loans, which are key long-term goals.
Earlier this year, Revolut CFO Mikko Salovaara resigned, citing personal reasons. Salovaara had joined the company in January 2021, coinciding with the submission of the banking license application. A spokesperson for Revolut confirmed that BDO is currently auditing the company’s 2022 accounts.