Revolut is taking concrete steps to enter the Turkish market. According to Bloomberg, the company is in talks to acquire Turkish digital bank FUPS.
Sources familiar with the matter say that the process has not yet reached the final agreement stage and no official agreement has been signed between the parties. According to local regulations, if such an acquisition takes place, the transaction will be subject to the approval of the Banking Regulation and Supervision Agency (BDDK).
Revolut issued a brief statement regarding the information, noting that it does not comment on market rumors. FUPS has not yet announced an official position on the issue.
Led by billionaire Nick Storonsky, Revolut currently serves approximately 70 million users globally. The company has expanded its operations in various markets from Scandinavia to Mexico in recent years. Revolut is considered one of the most valuable fintech startups in Europe with a valuation of $75 billion in November 2025.
FUPS Bank is one of the leading institutions in Turkey's digital banking sector. The BRSA granted the bank a digital banking license in the last quarter of 2024. This allowed FUPS to accept deposits, provide payment services, and perform other basic banking operations.
It should be noted that FUPS operated with an e-money and digital wallet infrastructure before its digital banking license. Currently, in addition to deposit, payment, and card services, it also offers its users functions such as money transfers, utility payments, expense management, and financial planning.
A possible acquisition could allow Revolut to enter the Turkish market in a rapid and regulated manner and further strengthen competition in the country's fintech sector.
