Revolut eyes Turkey expansion via FUPS deal

Revolut is reportedly in talks to enter the Turkish digital banking market through an acquisition of the country’s digital bank, FUPS. 

No details of Revolut’s plan to acquire Turkey’s digital bank have been released, and there is no guarantee that the deal will happen, but Revolut has succeeded in accessing several other markets through acquisitions.

Will Revolut acquire a Turkish bank?

British fintech company Revolut intends to enter into Turkey’s growing banking market by negotiating to acquire FUPS, a digital bank in the country. However, sources familiar with the matter say no final decisions have been made, and there is no certainty the deal will happen.

Turkey’s Banking Regulation and Supervision Agency, known by its Turkish initials BDDK would need to approve any agreement between Revolut and FUPS.

FUPS received its banking license in 2022 with a founding capital of 1.5 billion liras, which was worth just over $81 million at the time. The bank was established by Lydians Elektronik Para ve Ödeme Hizmetleri, which operates as both a payment service provider and an electronic money institution.

As of September 2025, about 60 people were employed by FUPS according to data from the Turkish Banks Association.

In 2022, Turkish regulators introduced new regulations allowing neobanks to operate, but so far only five institutions have received banking licenses. The approved institutions include Hayat Katılım, Kasa Katılım, T.O.M. Katılım, FUPS Bank, and Ziraat Dinamik.

Why is Revolut interested in the Turkish market?

Turkey’s digital banking market was valued at $101.52 million in 2025 and is projected to grow to $267.3 million by 2034.

Bloomberg Intelligence analyst Tomasz Noetzel noted that traditional Turkish banks, despite being digitally advanced, still depend heavily on physical branch networks. Turkey has over 120 million active digital banking customers.

The potential acquisition would allow Revolut to bypass the lengthy process of applying for a banking license from scratch. The strategy also provides the acquirer with an existing compliance framework, local governance structure, and established relationships with Turkish regulators.

Revolut has approximately 70 million customers worldwide and was valued at $75 billion in November 2025. The valuation jumped 67% in 2025 from its $45 billion valuation the previous year due to strong revenue gains and investments from major firms, including Nvidia’s venture capital arm.

Revolut was particularly active in securing banking licenses and making acquisitions across multiple continents throughout 2025.

It became the first independent digital bank to successfully complete the full licensing process from scratch in Mexico after receiving the final regulatory approval to operate in the country as a Multiple Banking Institution in October 2025.

Revolut is also pursuing a full banking license in Colombia with plans to launch digital banking services by 2026. In June 2025, it acquired a local banking license and approximately $6.4 million in assets in Argentina by purchasing Banco Cetelem from BNP Paribas. In India, Revolut bought Arvog Forex in 2022 after investing over $45 million in the market.

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