Revolut delays annual report filing for second consecutive year

LONDON (Reuters) - British fintech company Revolut has secured permission to delay filing its 2022 accounts for the second consecutive year, a spokesperson told Reuters on Tuesday.

"We have received an extension for the filing of our 2022 accounts. We look forward to announcing our 2022 audit and annual report in due course," the spokesperson said.

The filings had been due on Sept. 13, according to Companies House, Britain's public registry of firms.

When Revolut's long-delayed 2021 accounts were published in March 2023, the auditor BDO LLP said it was not able to independently verify three-quarters of the 636 million pounds ($765 million) of revenue.

The warning drew scrutiny from regulators, causing further delays in Revolut's plan to secure a UK banking licence.

The company had replaced its internal accounting systems after the Financial Reporting Council, a UK body responsible for regulating auditors, said Revolut's audit for 2020 was "inadequate" and that "the risk of an undetected material misstatement was unacceptably high".

In May, Revolut Chief Financial Officer Mikko Salovaara left the company, after two years in the role.

(Reporting by Sinead Cruise and Elizabeth Howcroft; Editing by David Goodman and Sharon Singleton)