Revolut’s board frustrated by its audit response: Financial Times

Quick Take

  • Digital bank Revolut recently filed its accounts for 2021 after a lengthy delay, posting its first full-year profit.
  • But its auditor BDO wasn’t able to verify three-quarters of its revenues for the year, and the startup’s reaction to media reports on that irked its board.

Revolut, the UK-based digital bank, has irked its own board over the way it handled reports that auditor BDO was unable to verify a significant part of its 2021 revenues.

Revolut’s long-delayed accounts showed the startup achieved its first full-year of profit in 2021, but BDO cast some doubt on the numbers. Specifically, it said in the accounts that it was unable to verify three-quarters of the revenue Revolut had reported — equal to $765 million — and warned that some information may be “materially misstated.”

Then, Revolut issued a public statement insisting that BDO had confirmed the “financial statements give a true and fair view” of its finances, and hired Schillings, the lawyers, to ram the point home, according to a report today from the Financial Times.

That report also said that some of Revolut’s board members — which include city grandees Martin Gilbert and Michael Sherwood — felt the startup's statement was an “overreaction” and suggests staff had failed to understand BDO’s opinion properly.


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Crypto trading is a significant business line for Revolut, and the startup capitalized on a boom in retail trading in 2021.

Revolut did not immediately respond to a request for comment. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.


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