The way that Revolut keeps your money safe varies depending on the Revolut entity you are registered to. You can find out which Revolut entity you are registered to by:
If you are registered to the Revolut LTD entity:
Yes. 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.