The Bank of Portugal (BdP) has clarified that the guarantee of deposits from the Revolut bank, launched in Portugal, is associated with the Lithuanian protection mechanism, where it is headquartered, and not with the Portuguese Deposit Guarantee Fund.

“Deposits taken in Portugal by Revolut Bank UAB are made with the parent company, in Lithuania, and are not guaranteed by the Portuguese Deposit Guarantee Fund, but are subject to the deposit protection regime in force in Lithuania”, reads a clarification released by the BdP.

On 9 December, fintech Revolut launched its bank in Portugal, Italy and France, after launching itself as a bank in Lithuania, a member state of the European Union, in 2020, and since then it already has a banking license for 18 European countries , having no physical counters, but only a digital presence.

In response to Lusa's questions, in writing, Revolut's CEO, Joe Heneghan, said that the company has 500,000 customers in Portugal and that, as of this Thursday, those who decide to transfer their money to Revolut Bank “begin to have their deposits protected by the deposit guarantee fund”.

However, the BdP clarifies that this mechanism is associated with Lithuania, given that “Revolut Bank UAB is a credit institution with its registered office and authorized in Lithuania”.

Even so, Revolut Bank UAB is “qualified, under the legal terms, to operate in Portugal under the regime of Free Provision of Services”. “In particular, under the aforementioned regime, Revolut Bank UAB is authorized to accept deposits or other repayable funds in national territory”, says the BdP.