Revolut – widely recognized as the UK’s top fintech unicorn – has appointed Ernst & Young (EY) as its new global auditor, replacing its long-term auditor BDO.

The move isn’t just about changing names on letterhead. It’s part of a deliberate shift toward governance structures fit for an IPO and for expansion into fully regulated banking. For founders, it’s a live example of how audit readiness and financial governance can shape (and sometimes slow down) the biggest growth plans.

From BDO to EY: The Big Four Step-Up

The change followed a formal tender process run by Revolut’s Audit Committee, which evaluated candidates on global coverage, deep financial services expertise, and digital audit capabilities. EY came out on top and is set to take over for the financial year ending December 2026, pending shareholder approval.

BDO will remain in place through the 2025 audit, closing a seven-year run that covered some of Revolut’s most intense growth phases. CFO Victor Stinga thanked BDO for its support and welcomed EY as a partner for the company’s next stage.

The Shadow of Internal Control Issues

This wasn’t a change from a position of total comfort. In 2023, BDO publicly flagged concerns over Revolut’s internal controls and IT systems, stating it could not fully verify 2021 revenues. The warning was unusual for a fintech of Revolut’s size and prompted questions from regulators.

One major consequence: Revolut’s UK banking license – a crucial milestone – was delayed for nearly three years. Only in mid-2024 did regulators approve it, after the company had demonstrated that its financial control issues were resolved.

Governance as IPO Prep

The shift to EY is also a move to prepare for public markets. Big Four auditors carry weight with institutional investors and regulators alike. For a company reportedly targeting an IPO at around $65 billion, having a heavyweight audit partner is a signal that Revolut intends to meet the highest reporting standards.

It’s also about future-proofing: as Revolut grows into new markets and regulated products, its audit and governance standards need to match the complexity of its business.

Key takeaways for fintech startups

Revolut’s journey is a reminder that financial governance is not a “later” problem. It’s something that needs to grow alongside the business.

• Invest in internal controls early. Weak systems can cause costly delays, especially if you’re heading toward a regulated license.
  
  
• Choose your auditor strategically. Your audit partner’s credibility becomes your credibility – especially when investors and regulators are watching.
  
  
• Don’t wait for a crisis to upgrade governance. Proactive changes can help you avoid the kind of scrutiny that stalls growth.
  
  
• Understand regulatory timelines. Approval processes are slow enough without governance gaps holding you back.
  
  
• Think like a public company before you are one. If IPO or international expansion is on your roadmap, align your processes with that standard early.
  
  

Revolut’s experience shows that growth isn’t only about more customers or bigger funding rounds. It’s about building a business sturdy enough to pass the toughest audits and withstand the closest regulatory inspections.

Your Fintech Story helps startups grow with the right strategy, governance, and market positioning. If you’re preparing for your next big leap, we can help you get there with fewer roadblocks.