Revolut is set to miss the deadline to file its financial accounts for the second year running as it continues to wait for a lucrative UK banking licence.
Britain’s most valuable fintech company has said it received an extension to file its 2022 accounts until the end of December, three months beyond the initial deadline of September 30.
A clean set of accounts is regarded as a key milestone for the company if it is to be granted a banking licence by the Bank of England.
Last year, the company missed two deadlines to file its accounts amid pressure from its auditors to improve internal controls.
When Revolut eventually submitted the 2021 accounts to Companies House in March, its independent auditor, BDO, warned that the majority of its revenues for the financial year “may be materially misstated” because of flaws in internal systems.
As a result, the auditor issued the app with a qualified opinion on its long-delayed 2021 accounts.
The delay also comes as the company fights to salvage its application to the Bank of England to become a fully authorised lender.
In May, The Telegraph revealed that the Bank of England had told the Treasury that it was planning to reject Revolut’s application for a banking licence and was set to issue a statutory warning notice to the company.
However, it is understood that the warning notice has not been served and the company continues to actively pursue a UK banking licence.
Threadneedle Street previously told Revolut that it must produce a set of accounts with an unqualified audit opinion and simplify its share structure before a licence could be granted.
Revolut styles itself as a financial “super app” that includes current accounts, payments, cryptocurrency trading and overseas spending.
It has become one of the world’s most valuable fintech firms and Britain’s most valuable tech start-up on the back of a rapid global expansion.
Earlier this year, Nik Storonsky, Revolut’s chief executive, claimed that Britain’s bureaucracy made it an unattractive place to do business, and raised the prospect of moving the company abroad if a banking licence was not granted.
A Revolut spokesman said: “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.”
