The way that Revolut keeps your money safe varies depending on the Revolut entity to which you are registered. You can find out to which Revolut entity you are registered by:
If you are registered to the Revolut Payments UAB entity:
As an electronic money institution, we are required to "safeguard" clients funds.
"Safeguarding" means separating a client's funds from our own funds and holding them in a separate account with a credit institution. The funds in this segregated account are held by us on your behalf. As an authorised institution, Revolut safeguards your funds as per regulatory requirements.
Safeguarding protects you because, in the unlikely event of the insolvency of Revolut, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors.
Because the account you hold with us is an electronic money account (not a bank account), your money is not protected by Lithuanian deposit insurance administered by the State Enterprise Deposit and Investment Insurance (VĮ “Indėlių ir investicijų draudimas”).
If you are registered to the Revolut LTD entity:
As an electronic money institution, we are required to "safeguard" money we receive from (or for) customers like you.
"Safeguarding" means that we deposit the money we receive from you (or for you) into a client money bank account. The money in these client accounts is held by us on your behalf. We have client accounts with a range of large banks (that meet our and our regulator's requirements).
Safeguarding protects you because, if Revolut was to become insolvent, the money in these accounts would be used to pay out you (and our other customers) before anyone else.
Because the account you hold with us is an electronic money account (not a bank account), your money is not covered by the Financial Services Compensation Scheme.