Global fintech giant Revolut is reportedly in advanced discussions to acquire Turkish digital bank FUPS, a strategic move signaling its intent to enter Turkey's rapidly growing financial market. This potential acquisition aligns with the company's aggressive global expansion strategy, which has seen it establish a presence in over 40 countries. The deal, if successful, would provide Revolut with a crucial banking license and an immediate foothold in the region.
A Strategic Entry into a Growing Market
The negotiations are still ongoing and have not reached a final decision, according to sources familiar with the matter. Any transaction would be contingent upon receiving approval from Turkey's Banking Regulation and Supervision Agency (BDDK). This development follows earlier reports that Revolut was actively hiring local executives to spearhead its Turkish operations and exploring pathways to secure a banking license.
Turkey's digital banking landscape was formally established in 2022 when the BDDK began issuing licenses to neobanks, including FUPS. The market, valued at over $101 million in 2025, is projected to expand to $267.3 million by 2034, driven by high mobile adoption. This growth presents a significant opportunity for digital-first financial institutions looking to capture market share from traditional players.
Revolut's Global Expansion Playbook
This potential acquisition is consistent with Revolut's established method of entering new international markets through strategic buyouts. The company, which serves nearly 70 million customers and was recently valued at $75 billion, has previously used this approach in Argentina and India. This M&A strategy provides a faster route to market and helps navigate complex local regulatory environments more efficiently.
The move into Turkey is part of a broader, multi-front expansion effort by the London-headquartered fintech. Revolut is simultaneously pursuing growth in other key regions, including Mexico and the Nordics, and is reportedly exploring a bank buyout in the United States. Furthermore, the company is engaged with Israeli regulators to obtain a specialized license, demonstrating its commitment to achieving a global presence.
Competitive Landscape and Future Outlook
FUPS received its banking license in 2022 and operates as a lean financial institution with a staff of around 60 people. While Turkey's incumbent banks have made significant investments in digital services, their continued reliance on extensive physical branch networks creates an opening for agile competitors. Revolut's entry would introduce a formidable, digitally native player, poised to intensify competition within the sector.
Industry analysts view the potential deal as a logical step for the fintech firm. Tomasz Noetzel of Bloomberg Intelligence noted that Revolut's entry makes strategic sense in a market where incumbents are digitally advanced but still depend on branches. He emphasized that successful execution and differentiation beyond price and user experience will be critical for the company to succeed.
The prospective acquisition of FUPS by Revolut represents a potentially transformative moment for the Turkish banking industry and a significant milestone in the fintech's global ambitions. If the deal proceeds and secures regulatory clearance, it would accelerate Revolut's expansion while introducing a powerful new force into the region's financial ecosystem. The outcome will be closely monitored by industry observers as a key indicator of the future of digital banking in Turkey.