The Revolut report spotlights other London fintechs with missing accounts

The long-awaited annual accounts of fintech giant Revolut were published today, just over two months after the statutory submission deadline – and they did not disappoint. The results reveal an almost tripling of the company’s revenue by 2021 – but interestingly, auditors BDO say they have not been able to independently confirm all of the revealed revenue.

But while Revolut has finalized its accounts, the Evening Standard has found that there are at least three other major London-based fintechs that have still not submitted their annual report to Companies House, which is now several months late.

The annual accounts for Railsr have not been filed with Companies House and are now over two months overdue, meaning the firm could face fines.

The London-based payments fintech, formerly known as RailsBank, is considered to be under significant financial pressure and is seeking an emergency sale, but could also face administration if talks break down.

A Railsr spokesperson said: “We are in ongoing discussions with interested parties as part of the M&A process. We remain hopeful that we can achieve an M&A event.”

In 2020, the firm bought the UK assets of now-defunct Munich-based payments business Wirecard, which collapsed in dramatic fashion after the company admitted nearly €2 billion was missing from its accounts.

Railsr has been a supplier to Wagestream, a financial wellbeing app offered through hundreds of caring employers including Bupa, Burger King, Co-op, Pizza Hut, Next, Greene King and many NHS Trusts.

A spokesperson for Wagestream said it did not rely on Railsr to provide its services and that there would be no impact on any workers using the app.

Digital payments infrastructure business Ppro also has accounts over two months overdue, Companies House records show. The JP Morgan-backed business, run by former Sage chief Simon Black, was valued at over $1 billion in a 2021 funding round.

A Ppro spokesperson told the Standard the firm had negotiated an extension with Companies House to allow it to file in March.

Spend management startup Payhawk is another London-based fintech that has yet to file its accounts, due last December. The Bulgaria-based firm, which employs over 250 people according to LinkedIn data, became a unicorn exactly one year ago today after completing a $100 million funding round.

Payhawk did not respond to a request for comment.