May 11, 2023

Revolut CFO quits for ‘personal reasons’

Mikko Salovaara joined as the neobank applied for a UK banking licence two years ago

Amy O'Brien

1 min read

Revolut’s chief financial officer, Mikko Salovaara, has resigned for “personal reasons” after just over two years at the neobank. 

The fintech confirmed the news to Sifted in a statement on Thursday. It comes after CEO Nik Storonsky made headlines last week over his frustration at the company’s years-long battle for a UK banking licence.

Salovaara is resigning two months after he told Sifted he expected the banking licence to be granted “in the very near term”. 


“I am grateful for the opportunity to serve as Group CFO at Revolut and remain confident in the firm’s future success,” Salovaara said in a statement.

It follows a string of senior departures from the neobank’s UK team last year.  

Revolut first applied for a UK banking licence in January 2021, and the delay in being granted one is a key roadblock in the way of the company’s growth.

Without a licence, Revolut can’t become a primary bank account for UK customers, or offer lending products like mortgages — the key revenue sources it would need to catch up with incumbents.

Amy O’Brien is Sifted’s fintech reporter. She tweets from @Amy_EOBrien and writes our fintech newsletter — you can sign up here.

Amy O'Brien

Amy O'Brien was a reporter at Sifted, covering fintech