Global fintech giant Revolut is reportedly in early-stage discussions to acquire Turkey's digital bank, FUPS, as part of a strategic move to enter the Turkish market. According to sources cited by Bloomberg, the deal would accelerate Revolut's expansion by providing immediate access to a fully licensed digital banking operation under Turkey's branchless banking regulations.
No final decision has been made, and the acquisition is not guaranteed. If an agreement is reached, it would be subject to approval from Turkey's Banking Regulation and Supervision Agency (BDDK). Both Revolut and FUPS have declined to comment on what they term "market rumors or speculation."
Founded in 2022, FUPS is one of only five institutions to have received a digital banking license in Turkey. It was established with an initial capital of approximately $81 million (1.5 billion Turkish lira) and currently employs around 60 people. The bank's primary appeal lies in its strong regulatory standing, which would allow Revolut to bypass the lengthy and complex process of applying for a banking license from scratch.
Bloomberg Intelligence analyst Tomasz Noetzel commented on the strategic logic, stating, "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." He emphasized that for the acquisition to succeed, Revolut must offer real differentiation beyond just price and basic user experience.
The Turkish digital banking market was valued at $101.52 million in 2025 and is projected to grow to $267.3 million by 2034, serving over 120 million active digital banking customers. This acquisition aligns with Revolut's aggressive global expansion strategy throughout 2025, which has seen it secure banking licenses and make acquisitions in markets including Mexico, Colombia, Argentina, and India.
Revolut, led by billionaire Nik Storonsky, serves approximately 70 million customers worldwide. The company achieved a valuation of $75 billion in November 2025, a 67% increase from the previous year, bolstered by strong revenue and investments from firms like Nvidia's venture capital arm.
