# EDGAR Filing Document

**Accession Number:** 0001780659
**File Stem:** 0002013816-25-000075
**Filing Date:** 2025-6
**Character Count:** 22275
**Document Hash:** 017c08d13db0563d4e995dbfa95bef0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002013816-25-000075.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0002013816-25-000075

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**PERIOD START**: 20240101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REVOLUT SECURITIES INC.
- **CENTRAL INDEX KEY:** 0001780659

**ORGANIZATION NAME:**
- **EIN:** 841973433
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-70365
- **FILM NUMBER:** 251018979

**BUSINESS ADDRESS:**
- **STREET 1:** 107 GREENWICH STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 917-397-6533

**MAIL ADDRESS:**
- **STREET 1:** 107 GREENWICH STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006

### Attached PDF Documents

**Attachment 1:** `revolutpubaudit.pdf`

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

# ANNUAL REPORTS
# FORM X-17A-5
# PART III

| OMB APPROVAL |
| --- |
| OMB Number: 3235-0123 |
| Expires: Nov. 30, 2026 |
| Estimated average burden hours per response: 12 |

| SEC FILE NUMBER |
| --- |
| 8-70365 |

# FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

FILING FOR THE PERIOD BEGINNING 01/01/24 AND ENDING 12/31/24
MM/DD/YY MM/DD/YY

## A. REGISTRANT IDENTIFICATION

NAME OF FIRM: Revolut Securities Inc.

TYPE OF REGISTRANT (check all applicable boxes):

☑ Broker-dealer
☐ Security-based swap dealer
☐ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)
107 Greenwich Street, 20th Floor

| (No. and Street) |  |  |
| --- | --- | --- |
| NEW YORK | NY | 10006 |
| (City) | (State) | (Zip Code) |

PERSON TO CONTACT WITH REGARD TO THIS FILING

Keith George 212-668-8700 kgeorge@acisecure.com
(Name) (Area Code - Telephone Number) (Email Address)

## B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
BDO USA, LLP

| (Name - if individual, state last, first, and middle name) |  |  |  |
| --- | --- | --- | --- |
| One Bush Street, Suite 1800 | San Francisco | CA | 94104 |
| (Address) | (City) | (State) | (Zip Code) |
| October 8, 2003 |  | 243 |  |
| (Date of Registration with PCAOB)(if applicable) | (PCAOB Registration Number, if applicable) |  |  |
| FOR OFFICIAL USE ONLY |  |  |  |

* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

# OATH OR AFFIRMATION

I, **Jack Callahan**, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of **Revolut Securities Inc.** as of **12/31/2024**, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

| MONIQUE ROMERO NOTARY PUBLIC, STATE OF NEW YORK Registration No. 01RO6308967 Qualified in New York County Commission Expires August 4, 2026 | Signature: Jack Callahan Title: CEO |
| --- | --- |

*Monique Romero*
Notary Public

## This filing** contains (check all applicable boxes):

☑ (a) Statement of financial condition.
☑ (b) Notes to consolidated statement of financial condition.
☐ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
☐ (d) Statement of cash flows.
☐ (e) Statement of changes in stockholders’ or partners’ or sole proprietor’s equity.
☐ (f) Statement of changes in liabilities subordinated to claims of creditors.
☐ (g) Notes to consolidated financial statements.
☐ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
☐ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
☐ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
☐ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
☐ (l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
☐ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
☐ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(n)(2) or 17 CFR 240.18a-4, as applicable.
☐ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
☐ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
☑ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
☐ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☑ (t) Independent public accountant’s report based on an examination of the statement of financial condition.
☐ (u) Independent public accountant’s report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
☐ (v) Independent public accountant’s report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (w) Independent public accountant’s report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
☐ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
☐ (z) Other: _________________________________________________________

**To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.**

Revolut Securities Inc.

Report on Audit of Financial Statement

As of December 31, 2024

Revolut Securities Inc.
As of December 31, 2024

## Contents

Report of Independent Registered Public Accounting Firm 1

## Financial Statement

Statement of Financial Condition 2

Notes to Financial Statement 3-6

BDO

Tel: 415-397-7900
Fax: 415-397-2161
www.bdo.com

One Bush Street, Suite 1800
San Francisco, CA 94104

# Report of Independent Registered Public Accounting Firm

Revolut Securities Inc.
New York, New York

# Opinion on Financial Statement

We have audited the accompanying statement of financial condition of Revolut Securities Inc. (the "Broker-Dealer") as of December 31, 2024, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Broker-Dealer at December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

# Basis for Opinion

This financial statement is the responsibility of the Broker-Dealer's management. Our responsibility is to express an opinion on the Broker-Dealer's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

BDO USA, P.C.

We have served as the Broker-Dealer's auditor since 2021.

San Francisco, California

June 3, 2025

BDO USA, P.C., a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

Revolut Securities Inc.

Statement of Financial Condition
December 31, 2024

## ASSETS

Cash  $2,123,569
Clearing firm deposit  25,000
Clearing firm receivable  252,187
Due from related party  76,722
Other assets  24,928
Total assets  $2,502,406

## LIABILITIES AND STOCKHOLDER'S EQUITY

### LIABILITIES

Accounts payable and accrued expenses  $172,691
Due to related parties  340,379
Total liabilities  513,070

### STOCKHOLDER'S EQUITY

Common stock, $0.01 par value, 1,000 shares authorized, issued and outstanding  $10
Additional paid-in capital  8,510,444
Accumulated deficit  (6,521,118)
Total stockholder's equity  1,989,336
Total Liabilities and Stockholder's Equity  $2,502,406

See accompanying notes to financial statement

Revolut Securities Inc.

Notes to Financial Statement
As of December 31, 2024

1. Organization and Nature of Business

Revolut Securities Inc ("the Company"), was incorporated in Delaware on May 14, 2019. On June 16, 2021, the Company received approval to become a broker-dealer and as such is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") and is a member of the Financial Industry Regulatory Authority Inc. ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). The Company is owned by Revolut Holdings U.S., Inc. ("Parent"), which is a wholly owned subsidiary of Revolut Group Holdings, Ltd. ("Ultimate Parent").

The Company is an introducing broker-dealer and was established by its ultimate parent to engage in retail brokerage activity, for subscribers of its mobile trading application. The Company remains dependent on additional capital for the development of its business activities. The Company's business activities are subject to risk and uncertainties including regulatory requirements, competition and customer onboarding.

The Company operates under the exemptive provision of Paragraph (k)(2)(ii) of Rule 15c3-3 of the SEC and, accordingly, is exempt from the remaining provisions of Rule 15c3-3. The requirements of Paragraph (k)(2)(ii) provide that the Company clear all transactions on behalf of customers on a fully disclosed basis with a clearing broker-dealer. The clearing broker-dealer carries all of the accounts of the customers and maintains and preserves all related books and records as are customarily kept by a clearing broker-dealer. The Company also relies on Footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. §240.17a-5 as it shares monthly subscriber fees by use of a mobile application by customers with Revolut Technologies, Inc. ("affiliate").

2. Summary of Significant Accounting Policies

Basis of Presentation

The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

Use of Estimates

The preparation of the financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could vary from the estimates that were used.

Recent Accounting Pronouncements

Accounting standards update ("ASU") 2023-07 requires companies to disclose segment data based on how management makes decisions about allocating resources to segments and evaluating performance. The Company adopted this guidance for the year ended December 31, 2024. The Company is engaged in a single line of business as a registered securities broker-dealer, providing access to a mobile trading application for use by customers. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net loss to evaluate the results of the business, primarily in the forecasting process, to manage the Company. Moreover, the CODM uses excess net capital (see footnote 4), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy, such as whether to reinvest profits or pay dividends. The Company's operations constitute a single operating segment, and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies.

Revolut Securities Inc.

Notes to Financial Statement
As of December 31, 2024

# Income Taxes

Accounting Standards Codification (ASC) 740-10, "Accounting for Uncertainty in Income Taxes" establishes a framework for management to use to determine the appropriate level of tax reserves to maintain for uncertain tax positions. This interpretation uses a two step approach whereby a tax benefit is recognized if a position is more likely than not to be sustained, and the amount of benefit is then measured on a probabilistic approach, as defined in the ASC Topic. As of December 31, 2024, there are no uncertain tax positions. A tax position that fails to meet a more-likely-than-not recognition threshold will result in either reduction of current or deferred tax assets, and/or recording of current or deferred tax liabilities. Interest and penalties are accounting for tax expense.

The Company is treated as a corporation for US tax purposes and records current tax liabilities or assets through charges or credits to the current tax provision for the estimated taxes payable or refundable for the current year. Deferred tax assets and liabilities are recorded for future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A deferred tax valuation allowance is established if it is more likely than not that all or a portion of the deferred tax assets will not be realized.

# 3. Related Party Transactions

In June 2021, the Company entered into an expense sharing agreement with Revolut Technologies Inc., an affiliate, to allocate occupancy, general overhead and compensation expenses. Payables to related parties are for amounts owed to an affiliate under an expense sharing agreement, or to the Parent for expenses paid on the Company's behalf.

As of December 31, 2024, the Company has a receivable balance from Revolut Technologies Inc. of $73,160, which is included in "Due from related party" balance on the statement of financial condition.

The Company participates in an equity based compensation program administered by its ultimate parent, Revolut Ltd, whereby RSU's of the ultimate parent are granted to certain employees of the Company. Payment is based on a calculation which considers, among other things, the market value per share price of the ultimate parent's stock. The equity awards vest over a period of two to four years as service conditions are satisfied. The equity only vests on vesting date for current employees who have not provided termination notice. For the year ended December 31, 2024, the ultimate parent contributed its shares valued at $184,074 for employee grants which was recorded as a capital contribution to the Company.

Revolut Securities Inc.

Notes to Financial Statement
As of December 31, 2024

## 4. Net Capital Requirements

As a registered broker-dealer, the Company is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1") of the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, should not exceed 15 to 1 or 8 to 1 for 12 months after commencing business as a broker dealer. At December 31, 2024, net capital of $1,887,686 exceeded the required net capital minimum of $34,205 by $1,853,481. At December 31, 2024, the Company's percentage of aggregate indebtedness to net capital was 27.18%.

## 5. Clearing Firm Deposit and Receivable

The Company signed an amended clearing agreement in October 2024 with its clearing firm, DriveWealth, on a fully disclosed basis. The terms of the agreement specify that the Company maintains a deposit of $25,000. At December 31, 2024, the clearing firm receivable was $252,187.

## 6. Concentration of Credit Risk

The Company maintains its cash balance in a bank account at one financial institution, and at times, the balance may exceed the federally insured limit. At December 31, 2024, the Company has $1,873,569 in excess of the insured limits. The Company has not experienced any losses in such accounts.

## 7. Commitments and Contingencies

The Company might be involved in legal matters that arise periodically in the ordinary course of business. At this time, the Company is not aware of any legal matters or customer complaints that are believed to be material to the Company's results of operations or financial condition.

## 8. Capital and Liquidity

The Company is in a start-up phase, and accordingly, has incurred losses and negative cash flows since its inception as a broker-dealer in 2021. The Company might require additional liquidity to fund its operations over the next year from the date of issuance of these financial statements. Although there is uncertainty as to whether or not forecasted growth can be realized, Revolut UK Ltd, the Company's ultimate parent, has provided a letter of support that if necessary, either itself or another Revolut entity, will provide financial support to the Company for its continued operations for a period of not less than one year from the date of signing the Company's financial statements. Based on this commitment from Revolut UK Ltd, management of the Company believes that the Company has adequate resources to meet its liquidity needs for a period of 12 months from the issuance of these financial statements.

Revolut Securities Inc.

Notes to Financial Statement
As of December 31, 2024

## 9. Income Taxes

Deferred Income Tax Assets and Liabilities

The following table displays deferred income tax assets and deferred income tax liabilities:

|  | Year Ended December 31, 2024 |
| --- | --- |
| Deferred Income Tax Assets |  |
| Accrued bonus and vacation | $40,090 |
| Stock based compensation | 186,481 |
| Net operating losses | 51,445 |
| Total Deferred Income Tax Assets | 278,016 |
| Total Deferred Income Tax Liabilities | - |
|  | 278,016 |
| Less: Valuation allowance | (278,016) |
| Deferred Income Tax Assets, Net | - |

## 10. Subsequent Events

The Company has evaluated subsequent events through the date of issuance of these financial statements. The Company has determined that no events have occurred that were to be recognized or disclosed in these financial statements.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0001780659

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** Yes

### Submission Information

**Report Period Begin Date:** 01-01-2024

**Report Period End Date:** 12-31-2024

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** REVOLUT SECURITIES INC.

**Business Address:** 107 GREENWICH STREET, 20TH FLOOR, NEW YORK, NY, 10006

**Contact Person:** Keith George

**Contact Phone:** 212-668-8700

### Independent Public Accountant Identification

**Accountant Name:** BDO USA, LLP

**Accountant Address:** One Bush Street, Suite 1800, San Francisco, CA, 94104

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Jack Callahan**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **REVOLUT SECURITIES INC.**, as of **12-31-2024**, are true and correct.

**Signature:** Jack Callahan

**Title:** CEO

**Notarized:** Yes