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Revolut, the UK’s largest fintech, has appointed EY as its new auditor, ending a fractious relationship with BDO that slowed the company’s push for a banking licence.
EY will become Revolut’s main auditor for the financial year to December 2026 after the Big Four firm won the mandate in a formal tender, the fintech said on Thursday.
The appointment will end a sometimes tense relationship between Revolut and BDO, which has audited the group since 2018.
BDO warned in 2023 that it had been unable to fully verify Revolut’s 2021 revenues because of issues relating to the company’s internal controls, a move that contributed to a three-year wrangle between the fintech and UK regulators as it attempted to secure a banking licence.
Some of the company’s accounts were also published late as it strained to provide the information required by auditors to sign off on the accounts. Revolut later resolved the issues raised by BDO.
“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,” said Victor Stinga, chief financial officer at Revolut.
Last year, Revolut paid £5.3mn in fees to BDO for audits and other assurance services, according to the group’s annual report. The fee is likely to increase as Revolut expands and if it becomes a fully regulated bank in the UK, according to audit executives.
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Revolut’s application for a UK banking licence was approved last year, with restrictions imposed until it met conditions set by regulators. It remains in a “mobilisation” phase pending final approval by regulators.
The appointment comes as Revolut holds talks with investors to raise new funding to fuel its global expansion. It is looking at the US market and is examining the option of buying a US lender to more rapidly secure an American banking licence, the Financial Times reported last month.
The talks put a $65bn valuation on Revolut, making it Europe’s most valuable start-up.
The appointment of EY will be subject to shareholder approval.