Revolut is reportedly considering acquiring FUPS (Fups) digital bank to accelerate its entry into the Turkish market.
According to information citing Bloomberg sources, the UK-based global fintech giant is in acquisition talks with Fups, which holds a fully digital banking license under Turkey’s branchless banking regulations.
Sources indicated that the discussions are still in the early stages, no final decision has been made, and it is not certain that Revolut Ltd. will acquire Fups. If an agreement is reached, the acquisition will be subject to approval from the Banking Regulation and Supervision Agency (BDDK), Türkiye’s banking regulator.
A Revolut spokesperson stated that, in accordance with company policy, they do not comment on “market rumors or speculation.” Fups also declined to comment on the talks.
Revolut, led by billionaire Nik Storonsky, serves approximately 70 million customers worldwide. Having reached a valuation of $75 billion in November, the company has solidified its place among Europe’s most valuable startups. Recently, the fintech firm has accelerated its strategy of expanding into new markets, from the Nordic countries to Mexico.
Founded in 2022, Fups is one of the relatively lesser-known representatives in Türkiye to obtain a fully digital bank license under the branchless banking framework. The company has an initial capital of approximately $81 million, employs around 60 people, and its operational attractiveness stems primarily from its strong regulatory status.
Bloomberg Intelligence analyst Tomasz Noetzel commented, “Revolut’s potential entry into Turkey seems strategically logical; this move would further increase competition in a market already dominated by digitally advanced but still branch-network-based banks.” The analyst added that for the acquisition to be successful, execution capability that creates real differentiation beyond price and basic user experience will be critical.
*This is not investment advice.
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