Isn’t it the point that they become a bank and they can passport their license to other member states in the eu by establishing branches. Isn’t that the same that HBSC has done across the globe? By establishing branches in other countries, they must adhere to those rules and should be covered by that countries protection scheme.
With regards to the EU/EAA point. They are MANY countries in the EU that does not use Euro as their currency. My country Denmark is just one of them. For Revolut to give us local accounts then they must passport their license to Denmark and adhere to local laws and thus I will be covered by our proctection scheme.
Anyways, that is my thoughts and assumptions.