Revolut Taps EY for Audit Services Amid Banking Licence Uncertainty

Revolut has hired EY, one of Britain's "big four" auditors, to check its financial accounts from 2026 onwards. This move ends a tense relationship with BDO, which delayed giving Revolut a full bill of health for its 2021 financial accounts, contributing to its struggle to obtain a full UK banking licence. Revolut has a provisional licence, but restrictions mean it can only hold up to £50,000 of deposits. The company is valued at $65bn, making it worth more than several high street lenders.

Revolut, the digital banking and financial services company, has hired EY, one of Britain's "big four" auditors, to review its financial accounts from 2026 onwards. This move follows a tense relationship with BDO, which delayed giving Revolut a full bill of health for its 2021 financial accounts, contributing to its struggle to obtain a full UK banking license. Revolut currently holds a provisional license, with restrictions limiting it to holding up to £50,000 in deposits. Despite the challenges, the company remains valued at $65 billion, a figure that surpasses several high-street lenders.

The delay in obtaining a full banking license has been a significant hurdle for Revolut. The UK regulators have faced criticism for the 12-month mobilization period, which the CEO of Webull UK, Nick Saunders, has described as "regulatory dysfunction in real-time." Saunders argues that this period is insufficient for Revolut to meet the technological and regulatory requirements for a full banking license. The delay has raised concerns about the UK's fintech ambitions and the potential for successful companies to relocate abroad [1].

Revolut's licensing saga may also reopen a broader debate about the purpose and outcome of regulatory independence in a post-Brexit UK. Many supporters of Brexit framed the departure from the European Union as an opportunity to escape excessive bureaucracy and enable faster, more tailored financial regulation. However, the current impasse over Revolut's authorization, driven by domestic institutions, not Brussels, raises questions about whether the UK has simply recreated the same rigidities at home [1].

The UK financial services landscape is undergoing significant regulatory overhaul, with sweeping changes set to reshape how cryptoasset and fintech businesses operate from 2026 onwards. These changes include the transition from light-touch AML registration to comprehensive financial services oversight, which will impact every aspect of operations [2]. Understanding and preparing for these changes is critical for business continuity.

Revolut's decision to hire EY for its financial audit marks a step forward in its efforts to secure a full UK banking license. The company's valuation and growth potential underscore its importance in the UK's fintech sector. However, the regulatory challenges it faces highlight the need for a more streamlined and efficient regulatory environment.

References:
[1] https://www.ainvest.com/news/uk-regulators-face-criticism-revolut-banking-licence-delay-2507/
[2] https://complyfactor.com/uk-regulatory-changes-2026-complete-compliance-guide-for-crypto-and-fintech/