Revolut to Finalize Its Overdue 2021 Financial Accounts for UK License

European fintech unicorn Revolut is close to finalising its long-overdue 2021 financial accounts, a move that could pave the way for the start-up to obtain a UK banking licence.

HMRC requires company accounts to be filed nine months after the financial year ends, however Revolut missed its original September 2022 deadline and had this extended to 31 December, a date that it also missed​. Accountancy firm BDO had its previous auditing of Revolut's filings criticised as "inadequate" by the UK regulator.

Revolut is set to publish financial accounts for the year ended December 2021 at the end of January after auditing firm BDO's final sign-off. BDO and Revolut plan to meet on Jan. 26.

Founded by Nikolay Storonsky, a former derivatives trader at Credit Suisse Group AG and Lehman Brothers, and software developer Vladyslav Yatsenko in 2015, Revolut launched as a prepaid card charging foreign-exchange fees that undercut established banks.

It was valued at around $33 billion in the last known funding round in 2021, making it then Britain's most valuable start-up.

Source: Reuters