Exclusive Interview with Mikko Salovaara, Chief Financial Officer of Revolut
Revolut has evolved from a prepaid travel card into one of the most valuable fintech platforms in Europe. Headquartered in London, with major hubs in Lithuania, Poland, Spain, Ireland, the United States, and Singapore, Revolut operates as a licensed bank in the European Economic Area through its Lithuanian banking licence while also holding e-money and payments permissions in multiple jurisdictions. The company serves tens of millions of retail customers and hundreds of thousands of businesses globally.
Under the financial stewardship of Mikko Salovaara, Revolut has focused on disciplined growth, regulatory alignment, and product diversification. The super app now spans multi-currency accounts, SEPA and SWIFT transfers, cards acquiring, crypto trading, stock brokerage, savings vaults, business accounts, and embedded financial services for SMEs.
Interview
Q1: What is your core mandate as Chief Financial Officer of Revolut?
As CFO, my responsibility is ensuring sustainable, compliant growth. That means capital efficiency, regulatory engagement, cost discipline, and supporting expansion into new markets while maintaining strong margins.
Q2: How is Revolut structured from a regulatory standpoint?
In the EEA, we operate under a full banking licence via Revolut Bank UAB. In the UK and other regions, we operate under e-money or payments institution frameworks while pursuing broader licences where appropriate.
Q3: Does Revolut provide IBAN accounts?
Yes. Customers in Europe receive local IBANs, enabling SEPA Credit Transfers and SEPA Instant. We also support cross-border transfers via SWIFT and local rails globally.
Q4: What are the key revenue drivers?
Interchange on cards, FX margins, subscription tiers, crypto trading spreads, stock trading commissions, and business account services are major contributors.
Q5: How does Revolut manage risk?
We invest heavily in real-time transaction monitoring, AI-driven fraud detection, AML screening, and strict onboarding controls. Risk management is embedded at product design level.
Q6: What is your risk appetite?
We focus on scalable, low-cost customer acquisition with tight compliance controls. High-risk sectors are evaluated carefully and aligned with regulatory obligations.
Q7: How strong is SEPA Instant coverage?
We support SEPA Instant across eligible EEA markets and continuously optimise routing logic to reduce failed payments and settlement delays.
Q8: What Open Banking capabilities are integrated?
We leverage PSD2 APIs for account aggregation and payment initiation in certain regions, enhancing the super app experience.
Q9: Does Revolut offer acquiring services?
Yes, we provide merchant acquiring and payment acceptance solutions for business customers, integrating cards, wallets, and local payment methods.
Q10: What onboarding documentation is required?
Retail onboarding is digital with KYC checks. Business accounts require KYB documentation including corporate registration and beneficial ownership verification.
Q11: How long does onboarding take?
Retail onboarding can take minutes. Business onboarding varies by jurisdiction but typically ranges from one to several days depending on complexity.
Q12: What is the technical backbone?
Our architecture is cloud-native, API-first, and built for scalability. Real-time processing and modular microservices enable rapid product iteration.
Q13: How is pricing positioned?
Core services remain low-cost or free at entry level, with premium subscription tiers offering additional benefits such as insurance and higher FX allowances.
Q14: How does Revolut compare with competitors?
Our differentiation lies in product breadth. We combine banking, investing, crypto, FX, and payments in a unified app rather than offering isolated services.
Q15: What about profitability?
We have focused on operational efficiency, diversified revenue streams, and disciplined cost management to strengthen profitability metrics.
Q16: How do you view expansion outside Europe?
The US and APAC remain strategic priorities. Regulatory clarity and local partnerships are central to our expansion model.
Q17: What role does crypto play?
Crypto remains a significant product vertical. We provide regulated access to digital assets while reinforcing compliance standards.
Q18: How does compliance scale with growth?
We continue investing in compliance teams, internal audit frameworks, and automation tools to ensure we meet evolving regulatory expectations.
Q19: What is the roadmap for the next 12–24 months?
We aim to deepen banking capabilities, enhance business products, expand lending features, and pursue additional banking licences where strategic.
Q20: Long-term vision?
Our ambition is to build a truly global financial super app where customers manage their entire financial life through a single platform.
Competitive Landscape
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FAQ
Is Revolut a bank?
In the EEA, yes through its Lithuanian banking licence. In other jurisdictions, it operates under e-money or payments licences.
Does Revolut support SEPA Instant?
Yes, across eligible European markets.
Can businesses use Revolut for acquiring?
Yes, through integrated merchant acquiring services and payment acceptance tools.
How does Revolut manage AML compliance?
Through automated monitoring systems, robust KYC/KYB frameworks, and dedicated compliance teams.
What makes Revolut different?
Its unified super app approach that integrates banking, payments, investing, and crypto in one scalable ecosystem.
