Revolut in talks to buy Turkish bank FUPS – Bloomberg

Revolut Ltd. is in talks to acquire Turkish digital bank FUPS to start providing its services in Turkey. About this reported sources familiar with the negotiations told Bloomberg.

FUPS is a little-known Turkish bank offering fintech services. The company received a license in 2022 with a charter capital of 1.5 billion lira, which was just over $81 million at the time.

Final decisions have not yet been made and there is no guarantee that the deal will go through. If agreed between the two banks, the acquisition would be subject to approval by the Turkish banking regulator BDDK.

A Revolut spokesperson said the company does not comment on market rumors or speculation.

The company is headed by Russian billionaire Nikolai Storonsky. Revolut has about 70 million users worldwide. In recent months, the platform has been looking at new markets, from the Scandinavian countries to Mexico.

In November, Revolut received a valuation of $75 billion, cementing its status as one of the most valuable startups in Europe.

"Revolut’s potential entry into the Turkish market makes strategic sense as it intensifies competition in a market where incumbents already have digital expertise but still rely on branch networks," commented Tomasz Nötzel, senior industry analyst at Bloomberg Intelligence.

• Revolut warned Ukrainian customers on December 22 that it would be forced to close their accounts from February 22, 2026. NBU emphasized that Ukraine is open for foreign financial players.

• Fintech company Revolut was founded in 2015 by Mykola Storonsky and Vlad Yatsenko. The company is headquartered in London, and all financial services are provided through a mobile application without a network of physical branches.