Revolut promotes VP of finance Mikko Salovaara to CFO role

By Aisling Finn on Wednesday 12 May 2021

Digital Banking

Salovaara was previously US CFO at Kraft Heinz and dabbled as an investor before joining Revolut back in January 2021.

Revolut promotes VP of finance Mikko Salovaara to CFO role
Image source: Revolut CEO Nikolay Storonsky (right).

As it vies to become the most prominent London fintech, Revolut has bagged itself a new CFO.

Mikko Salovaara, a 29-year-old Yale graduate, will be stepping into the top job at the digital banking service after having served as VP of Finance since January.

He is stepping into the Group CFO position, as first reported by Sifted, after former CFO David Maclean left the job in March 2020 after less than six months in the role.

Salovaara’s new role at Revolut will not be the first time he has stepped into the top financial job.

Between September 2016 and 2019, Salovaara served in various CFO positions at food and beverage giant Kraft Heinz, including a stint as CFO of the US region.

Thanks to his wealth of experience, Revolut’s top finance job should be smooth sailing. For context, when Salovaara was China CFO at Kraft Heinz in 2017, it had a market cap of around $118bn, just a little jump up from Revolut’s $5.5bn valuation.

In a statement, Salovaara wrote: “I’m delighted to have joined Revolut and humbled by the opportunity to help achieve our ambition of becoming a truly global bank.” 

As well as several years as a CFO at Kraft Heinz, Salovaara has also dabbled in investing, both at 3G Investing in New York and Elliott Advisors in London and was also named in the Forbes 30 Under 30 finance category in 2019.

“I’m very pleased to welcome Mikko Salovaara as our Chief Financial Officer,” Nik Storonsky, co-founder and CEO of Revolut said. 

“Mikko has a strong track record in building resilient financial teams and processes in global consumer-facing industries and is focused on building out our global capabilities as we address the next phase of our growth.”

Salovaara’s appointment breaks with Revolut’s recent tradition of hiring industry stalwarts to help it seem more ‘grown up’, most notably appointing Martin Gilbert as its group chair back in 2019.

Revolut has been hell-bent on perfecting its ‘super app’ as of late, constantly rolling out new products and services for its 15m users.

Just yesterday, the fintech launched a browser extension tool to help its customers access discount codes while shopping online and expanded its cryptocurrency offering thanks to an integration with Elliptic’s cryptocurrency compliance.

Last week, AltFi also exclusively revealed that Revolut would soon allow paying Metal customers to get beta access to transfer their Bitcoin holdings out of Revolut.

According to AltFi's calculations earlier this year, Revolut could be sitting on over £1bn worth of crypto on behalf of its customers.

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