What Revolut’s French license changes for accountholders in Spain

Revolut is now used by more than 6 million Spaniards, but not a single euro of theirs is covered by the Spanish Deposit Fund. A Paris licence issued on Monday, August 10, could alter which country is behind the money.

The €100,000 guarantee that comes from Lithuania 

Revolut has served Spanish customers since 2023 through Revolut Bank UAB, Sucursal en España. The branch registration provided Spanish IBANs and direct debits to pay utility bills, Social Security and other bills. It also gave access to Bizum.  The only thing it did not bring was a Spanish warranty. Revolut’s own deposit insurance information for Spain states that money held with Revolut Bank UAB is insured by the Lithuanian public institution Deposit and Investment Insurance, up to €100,000 for a single depositor.

That is the same figure the Spanish deposit guarantee fund covers, although the difference is whose fund would pay out, and which country’s process a saver in Almería or Málaga would have to follow to get the money back. 

France takes the lead while Spain waits

Revolut Bank S.A. was granted its full license on Monday, August 10, after a joint evaluation by the French prudential regulatory agency (ACPR) and the European Central Bank. The decision was adopted by the ECB Governing Council. The company claimed that the new entity would “progressively begin serving customers across Europe“We will begin with France and then move on to other European markets such as Germany, Ireland Italy, Portugal, Spain, etc.

A timeline has not yet been announced for any other market than France. Revolut describes the Lithuanian entity as a cornerstone in its operations. The ECB supervises both banks in what it calls a “dual-hub” model. 

For customers in France, eligible deposits will come under the Fonds de garantie des dépôts et de résolution (FGDR), the French scheme, as accounts transfer across. If Spain takes the same path, Spanish accounts would move from Lithuanian to French coverage. 

Revolut is aiming for mortgages in Spain

Revolut ended 2025 with 6.3 millions customers in Spain. This was its third-largest country. The company has now stated that it hopes to reach eight million clients by the end this year. Last year, it began installing its cash machines in Madrid and Barcelona and plans to have 200 throughout Spain by 2026.

The obvious gap in lending. Revolut plans to introduce mortgages in Spain – the product that is responsible for most of Santander’s, BBVA’s and CaixaBank’s profits – using the same fully digital model as it uses in Lithuania. 

A full licence on a major euro-area market provides the group with a more solid regulatory foundation to offer broader lending and savings options in the region. This includes Livret A, and other tax-free savings accounts regulated by the French government. Spain doesn’t have an equivalent in direct form, so any practical benefit will most likely arrive as credit.

Revolut launched its products only last year, and the ECB has already curtailed them.

Supervisors are responsible for any Spanish rollout. Revolut’s European Board was told by the ECB in July 2025, that the bank’s Lithuanian branch could not launch products throughout the European Economic Area unless it addressed its governance, compliance, risk, and legal controls deficiencies. according to details first reported by the Financial Times In June 2026,

The regulator demanded that the board evaluate the capital and liquidity impacts of new launches. Revolut has said that it has improved its internal controls, and is engaged in a “continuous constructive dialogue” (CCD) with its regulators.

Bank of Lithuania separate fined Revolut Bank €3.5 million In April 2025 due to shortcomings in the monitoring of business transactions and relationships. It found no cases of confirmed money laundering.

What Spanish Account Holders should look out for

A Spanish account is unchanged today. Revolut said that the balances, IBANs, and card details will remain unchanged. Existing customers will also be informed directly of any changes. Watch out for the information about deposits in the app or the email terms. The guarantee is transferred to Revolut Bank S.A. when the entity that holds the money, Revolut Bank UAB, changes to Revolut Bank S.A.