Revolut taps EY for 2026 audit after BDO revenue concerns

Revolut has appointed Ernst & Young (EY) as its new global auditor, following a competitive tender process for the financial year ending 31 December 2026.

The decision to move to EY comes after Revolut’s Audit Committee assessed a range of candidates against criteria such as global coverage, financial services expertise, and digital audit capabilities.

EY’s appointment is subject to shareholder approval as per the Companies Act 2006.

The UK fintech giant’s shift to EY follows a period of scrutiny and challenges surrounding its previous auditor, BDO, which had served as Revolut’s auditor since 2018.

BDO’s relationship with the company became strained after it flagged significant concerns about Revolut’s internal controls. In 2023, BDO raised doubts about the accuracy of Revolut’s 2021 revenues, citing problems with IT controls.

Despite these issues, BDO continued to provide audit services until the completion of its fiscal year 2025 engagement.

Victor Stinga, CFO at Revolut, acknowledged BDO’s contributions over the years, particularly during a period of significant transformation and growth for the company.

He said, “We’d like to extend our thanks to the entire BDO team for their valued partnership and contributions over the past seven years, supporting the business through a significant period of transformation and growth.”

The appointment of EY comes at a crucial time for Revolut, which is also working to secure its UK banking licence. With aspirations to become a fully-fledged bank in the UK by 2025, the company’s regulatory hurdles have intensified.

Revolut has faced a prolonged struggle to obtain the necessary approvals from UK regulators, having only recently been granted approval for its banking licence in July 2024.

The fintech company’s push for a banking licence has not been without its political and regulatory challenges.

In an effort to expedite the process, Chancellor Rachel Reeves attempted to arrange a meeting between Revolut and the regulators, but the Bank of England’s governor, Andrew Bailey, blocked the request, citing concerns over political interference in regulatory decisions.

Revolut remains focused on finalising the mobilisation of its banking operations, with the company’s spokesperson stating, “Given Revolut’s global scale, this is the largest and most complex mobilisation ever undertaken in the UK.”

The fintech firm is expected to launch its fully regulated UK bank later this year, with a commitment to providing banking services to millions of UK customers.

The move to EY as its auditor marks a pivotal point for Revolut, as the company continues to navigate the regulatory landscape, prepare for its transition into full banking services, and address the scrutiny surrounding its internal processes and financial management.