Digital bank Revolut is reportedly engaged in discussions to purchase FUPS, a local digital banking platform in Turkey, as a strategic move to introduce its financial services to the Turkish market. Sources close to the matter (cited by Bloomberg) indicate that the potential deal would provide Revolut with an established foothold in Turkey, allowing it to bypass some of the lengthy processes typically required for new entrants.
No definitive agreement has been reached yet, and the talks could still fall through without resulting in a transaction.
Should the parties proceed, the acquisition would require regulatory approval from Turkey’s Banking Regulation and Supervision Agency (BDDK).
FUPS, operated under the Lydians brand, functions as an electronic money institution and payment service provider licensed by the Central Bank of the Republic of Turkey.
It offers users a range of digital wallet features, including money transfers, bill payments, budgeting tools, virtual and physical cards, QR-based transactions, and even social payment splitting.
As a Visa principal member, FUPS emphasizes secure, user-friendly mobile banking, appealing to Turkey’s growing digitally savvy population.
For Revolut, which boasts over 50 million global customers and a diverse suite of services—from multi-currency accounts and crypto trading to stock investments—this move aligns with its aggressive international growth strategy.
The company has been steadily expanding beyond Europe, securing banking licenses in markets like Mexico and pursuing opportunities in regions such as the Middle East, Latin America, and Asia.
Entering Turkey, a market with high mobile penetration and increasing demand for fintech solutions amid economic fluctuations, represents a logical next step.
Acquiring an existing licensed entity like FUPS could accelerate Revolut‘s timeline significantly, enabling quicker rollout of features such as fee-free international transfers, competitive exchange rates, and seamless app-based banking.
This approach mirrors tactics used by other global fintechs to navigate complex regulatory landscapes efficiently.
While neither Revolut nor FUPS has issued official comments on the negotiations, the development underscores the intensifying competition in Turkey’s digital banking sector. Although the country is facing considerable economic challenges including a major rise in the cost of living and high levels of inflation, it still remains a major global economy.
Traditional banks and local neobanks are now said to be facing pressure from international players seeking to capitalize on the country’s young, tech-oriented demographic.
If it is finalized, the deal could mark Revolut’s most significant entry into a major emerging market in recent years, potentially reshaping how Turkish consumers manage their finances.
