# REVOLUT SECURITIES INC. X-17A-5 (2025-06-03) — Broker-dealer annual report - Company: REVOLUT SECURITIES INC. - Form: X-17A-5 - Filed: 2025-06-03 - Period: 2024-12-31 - Accession: 0002013816-25-000075 - CIK: 1780659 - File #: 8-70365 - Type: Broker-dealer - Material weakness: No - Auditor: BDO USA, LLP - Auditor location: San Francisco, CA - Contact: Keith George - Phone: 212-668-8700 - Email: kgeorge@acisecure.com - Website: acisecure.com - Signed by: Jack Callahan (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/1780659/000201381625000075/revolutpubaudit.pdf --- {0}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 # ANNUAL REPORTS FORM X-17A-5 # PART III 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 12/31/24 FILING FOR THE PERIOD BEGINNING 01/01/24 AND ENDING MM/DD/YY MM/DD/YY A. REGISTRANT IDENTIFICATION NAME OF FIRM: Revolut Securities Inc. TYPE OF REGISTRANT (check all applicable boxes): □ Security-based swap dealer Broker-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) 10006 NY NEW YORK (Zip Code) (State) (City) PERSON TO CONTACT WITH REGARD TO THIS FILING 212-668-8700 kgeorge@acisecure.com Keith George (Area Code - Telephone Number) (Email Address) (Name) 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) CA 94104 San Francisco One Bush Street, Suite 1800 (State) (Zip Code) (City) (Address) 243 October 8, 2003 (PCAOB Registration Number, if applicable) (Date of Registration with PCAOB)(if applicable) FOR OFFICIAL USE ONLY \* Claims for exemption from the requirement that the annual reports of an independent public Claims for exemption from the requirement that the annual reports be covered by the leaving and of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. 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. {1}------------------------------------------------ # OATH OR AFFIRMATION | ı, Jack Callahan | | swear (or affirm) that, to the best of my knowledge and belief, the | |------------------------|--------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------| | 12/31 | financial report pertaining to the firm of Revolut Securities Inc. | as of
2024 , is true and correct. I further swear (or affirm) that neither the company nor any | | as that of a customer. | | partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely | | | MONIQUE ROMERO
NOTARY PUBLIC, STATE OF NEW YORK | | | | Registration No. 01RO6308967 | Signature: | | | Qualified in New York County | . | CEO 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. Commission Expires August 4, 2026 - □ (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. - □ (I) 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(p)(2) or 17 CFR 240.18a-4, as applicable. - 240.50 Stores (p)(c) or 17 Critized in as epilanations, of the FOCUS Report with computation of net capital or tangible net (0) Neonchlights (nordaing opp of CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 world in under 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. - ロ (q) Sunmary of mianed accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. - [q] Oath or ammindatori n 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. - - | CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - CFR 240.278-5, I 7 C R 240.20 // C / C / C / C / C / C / L / L / L / L / L / L / L / L / L / L / L / L / L / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / / CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - CFR 240.17a-5 of 17 CF R 240.10a 7/ as eppt based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - CHR 240.18a-7, as applicable: □ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable. - as applicable. □ (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or (y) neport describing any any and inadequacies exist, under 17 CFR 240.17a-12(k). - O (z) Other: - \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17d-5(e)(3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ # Revolut Securities Inc. Report on Audit of Financial Statement As of December 31, 2024 {3}------------------------------------------------ # Revolut Securities Inc. As of December 31, 2024 ## Contents | Report of Independent Registered Public Accounting Firm | | | |---------------------------------------------------------|-----|--| | Financial Statement | | | | Statement of Financial Condition | 2 | | | Notes to Financial Statement | 3-6 | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) # 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 {5}------------------------------------------------ Statement of Financial Condition December 31, 2024 # ASSETS | Cash
Clearing firm deposit
Clearing firm receivable
Due from related party
Other assets | ಲ್ಲಾ | 2,123,569
25,000
252,187
76,722
24,928 | |--------------------------------------------------------------------------------------------------------------------------------------------------------------|------|----------------------------------------------------| | Total assets | ಲ್ಲಿ | 2,502,406 | | LIABILITIES AND STOCKHOLDER'S EQUITY | | | | LIABILITIES
Accounts payable and accrued expenses
Due to related parties | ക | 172,691
340,379 | | Total liabilities | | 513,070 | | STOCKHOLDER'S EQUITY
Common stock, \$0.01 par value, 1,000 shares authorized, issued and outstanding
Additional paid-in capital
Accumulated deficit | ക | 10
8,510,444
(6,521,118) | | Total stockholder's equity | | 1,989,336 | | Total Liabilities and Stockholder's Equity | ea | 2,502,406 | | | | | See accompanying notes to financial statement {6}------------------------------------------------ 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 brokerdealer 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 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 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. {7}------------------------------------------------ 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. {8}------------------------------------------------ #### )\*-+,- ,-. -/- !"#\$%&'&( "0"1!"2"31"%45678!94:5;"56<8=><8\$?#3 \$>@48":A40\$B#(%C44"D8"4861 "D8"44"00"01!16%!411%481A1\$? \$"E\$"\$&4"0!8!"2"1"F !"#\$%&'&(% 6G\$%EEH%IEIA114"D8"168G#(%&'?!7G\$%E?#%(E\$F !"#\$%&'&(%4567J6"000"01!16C&HF\$EKF L+- #### , MN /O- ,P- - ,Q- R45670111"00"S!"&'&(C4"0"% "TU4%8711!FR4"40"6744567 #### V+ -, W+-P X 16G&?%'''F !"#\$%&'&(%4"0""T!CG&?&%\$EHF R45674!!288%1%4 !7A141"78"1F !"#\$%&'&(%45674G\$%EH#%?IB A48"1FR45674A6"17848F #### Y+// /-,P+ M- - R456704!TT10"4"6"174"1"78"!8F 4%4567C"70""8"64"!T1 !"4567J"86""1F # Z+,- ,,P[ . P \ R4567"38664%1"107%48""110T4C 6!"2"31"&'&\$FR456704"D8"11D81781 6"T"4A7""4184F48044" 8"7C44"""10"C4!"]1%