London-based digital finance platform Revolut is in talks to acquire Turkish digital bank FUPS as part of its plan to enter the Turkish market.
According to Bloomberg, the discussions are ongoing and have not resulted in a definitive agreement; if the transaction proceeds it would require approval from Turkey’s Banking Regulation and Supervision Agency (BDDK). Revolut said it would not respond to market rumors, and FUPS has not issued a comment.
Revolut, led by billionaire Nik Storonsky, has grown to serve roughly 70 million users worldwide and has been expanding into markets from Scandinavia to Mexico. The company reached a valuation of 75 billion dollars in November, making it one of Europe’s most valuable fintechs.
FUPS is one of Turkey’s emerging digital banks; the BDDK granted it a digital banking activity license in late 2024, enabling it to take deposits, provide payment services and perform other core banking operations. Prior to the license, FUPS operated with electronic money and digital wallet infrastructure, and its app offers services such as money transfers, bill payments, card management and tools that help users separate and plan their spending.
If completed, the acquisition would provide Revolut with a regulated foothold in Turkey and support the company’s broader international expansion plans.
