Fintech Revolut sees second C-Suite Exec retire this year as CFO exits

Revolut’s chief financial officer, Mikko Salovaara, has resigned 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. The company’s head of financial planning, Kate Kenyon, will take over as interim CFO while the search for Salovaara’s replacement begins.

Revolut’s growth

Revolut has experienced tremendous growth in recent 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 made acquisitions to improve its offerings, with the latest purchase being payment 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.

In February, Richard Davies, Revolut’s chief executive, resigned after four years. The company has since restructured its leadership team, with Kenyon named interim CFO and other key executives, including the chief technology officer and chief compliance officer, taking on expanded roles.

Revolut has expanded its offerings and services globally, and faces significant competition from established banks and other fintech firms. The company has invested in its infrastructure and technology to improve its product offerings, including artificial intelligence and machine learning capabilities.

Departure on good terms

Revolut’s co-founder and CEO, Nikolay Storonsky, expressed his gratitude to Salovaara for his contribution to the company’s growth and wished him the best in his future endeavours. 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 that can help 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 critical to its continued success in a highly competitive market.

Source: Bloomberg News