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Revolut's latest 2022 accounts delayed

Déjà vu?

Nik Storonsky Revolut

Nikolay Storonsky and Vlad Yatsenko (L/R)/Revolut.

Revolut has been granted a three-month extension on reporting its 2022 annual accounts.

The super app, which has more than 30 million customers, was due to report its accounts on 30 September. However, it been has granted, according to Companies House, an extension until 31 December. 

"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. We continue to be pleased with the growth of the business, new products, higher user numbers and volumes, and increased financial metrics that result,"  a Revolut spokesperson said.

The move chimes with an ongoing delay last year of the publishing of Revolut’s 2021 accounts.

Revolut had been due to file the 2021 accounts in September 2022 but was given a three-month extension to the end of the year. 

These were finally published in March this year after a delay of nearly nine months. 

BDO, Revolut’s auditor, at the time reportedly flagged concerns regarding $560m of its revenues which it said it was not able to independently verify. Less than a fortnight later, Revolut chief financial officer Mikko Salovaara exited the company citing 'personal reasons'.

A smoother delivery of its account reporting is widely seen as being integral to crossing the finishing line for a UK banking license. This has been held up by banking regulators for a year to the extent of public criticism of the process by Revolut’s CEO and co-founder Nik Storonsky.

The Financial Reporting Council oversees and regulates the filing of company accounts in the UK.  

In a report it published in July 2022 the FRC criticised Revolut’s auditor BDO for what it said was inadequate in its “approach to revenue recognition” for one “financial services provider”. This could mean “the risk of an undetected material misstatement was unacceptably high.”

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