Revolut Explores Turkish Market Entry Through Potential FUPS Acquisition

British fintech giant Revolut is negotiating to acquire Turkey's digital bank FUPS, marking its latest move to expand into emerging markets through strategic acquisitions. The deal, which requires approval from Turkey's Banking Regulation and Supervision Agency (BDDK), WOULD grant Revolut access to one of the fastest-growing digital banking markets.

FUPS obtained its banking license in 2022 with 1.5 billion lira ($81 million) in founding capital. The neobank currently employs about 60 people and operates under parent company Lydians Elektronik Para ve Ödeme Hizmetleri. Turkey's regulatory framework has only approved five digital banks since introducing neobanking regulations in 2022.

While Revolut has successfully entered multiple markets via acquisitions, sources caution this deal remains uncertain. The potential acquisition highlights Turkey's growing appeal as a fintech hub, with its young, tech-savvy population and increasing digital payment adoption.