Revolut has had the deadline for filing its financial accounts extended for the second year running, after the fintech group missed two deadlines for filing its last annual report.
The UK-based neobank has been given three more months to file its 2022 annual accounts, which are now due by the end of the year.
Sifted understands that the delay is due to a knock-on effect on the 2022 audit timeline after its 2021 accounts were delayed by six months.
Revolut’s 2022 financial results were originally due by September 30 this year, and at the time of the neobank’s last results, the company was expecting to publish the results before its official deadline.
Sifted understands that publishing a clean set of 2022 financial results is central to Revolut’s licence approval process, which is ongoing and to be decided by the Bank of England's Prudential Regulation Authority (PRA).
Revolut published its 2021 financial accounts in March this year — six months after its original September 2022 deadline for filing them to the UK company register, Companies House.
The delay came after the Financial Reporting Council (FRC), which regulates auditors, found BDO's audit of Revolut's 2020 accounts to be "inadequate".
When Revolut’s 2021 accounts were finally published, they included a rare ‘qualified opinion’ from auditor BDO, which warned that it was unable to fully verify the bulk of Revolut’s revenues — £477m of £636m — owing to inadequacies in the company’s internal IT systems.
BDO warned at the time that it was "unable to satisfy ourselves concerning the completeness" of the crypto trading portion of the 2021 accounts, and that some of those revenues "may be materially misstated".
In an interview with Sifted, Revolut’s CFO at the time, Mikko Salovaara, said he expected the company’s 2022 accounts to be out “much faster” than the 2021 filing, and ahead of its September deadline.
"The accounting systems and software that we had were originally designed for a one-dimensional product offering, and we've grown to be a very complex group operating in multiple markets, so we needed to make changes to meet our pace of growth," Salovaara told Sifted.
Salovaara, however, quit the neobank two months later. Sifted understands that the neobank has appointed an interim CFO, who is handling the 2022 accounts, but the company is yet to announce who has stepped into the role.
A Revolut spokesperson confirmed to Sifted that BDO is auditing Revolut’s 2022 accounts.
