Revolut will delay filing its 2022 accounts for a second consecutive year, according to Reuters.
The company reportedly said that it has received a three month extension for the filing of its 2022 accounts, and that it looks forward to announcing its 2022 audit and annual report “in due course.”
According to Companies House, the filings were due on the 13th of September this year.
In March this year, Revolut filed its highly anticipated 2021 accounts which, despite showing the firm’s first annual profit, also included significant caveats from the company’s auditor, BDO.
While the accounts were signed off, BDO flagged concerns that it could not verify £477m of revenue, nor vouch for their “completeness or occurrence”, due to the configuration of Revolut's internal IT systems. The risk of material misstatements was most acute for the company's foreign exchange, wealth and crypto business.
The delay adds more question marks to Revolut’s ongoing attempts at securing a UK banking license from the FCA. The Bank of England's Prudential Regulation Authority (PRA) reportedly told the Treasury in March that it planned to issue a statutory warning to the firm over concerns about the company's balance sheet.
In May this year, CEO Nikolay Storonsky stated that the delay in the issuance of the license was due to regulators being spooked by the ongoing banking crises stemming from Silicon Valley Bank and Credit Suisse. If Revolut’s banking license is not approved, it can still operate in the UK, but will not be able to offer mortgages and loans in the country, one of the company’s long-term objectives.
Revolut CFO Mikko Salovaara quit the company earlier this year citing personal reasons. Salovaara joined Revolut in January 2021, at the same time the company submitted its banking license application.
A Revolut spokesperson confirmed that BDO is auditing Revolut’s 2022 accounts, according to Sifted.