Overview
UK-based fintech giant Revolut is reportedly planning to enter the Turkish market through the acquisition of local digital bank FUPS, seeking to establish its presence in one of the fastest-growing financial markets.
According to multiple industry reports, including Bloomberg, Revolut is currently in talks with FUPS leadership, but there is no certainty that the acquisition will occur. Even if they come to terms to finalize the deal, they will then need Türkiye’s banking regulator’s approval to proceed.
This is not the first sign of Revolut approaching the Turkish market, as the company has been preparing for a while now. Last September, Erkin Aydin, a former QNB Finansbank executive, was appointed as Revolut’s director for Türkiye. Eren Cicek, who was previously with Intera Investments, was named as Revolut’s new head of strategy and operations last year.
Acquiring FUPS would grant Revolut not only access to the Turkish market without the need to apply for a new license, but an existing operational infrastructure, which includes services such as money transfers, bill and subscription payments, ATM cash withdrawals, and cards, both virtual and physical.
Why the Turkish market matters
Turkey’s fintech sector has been gaining significant traction, just like its crypto adoption. The country’s population has been eager to adopt digital financial services and has a strong interest in savings, payments, and crypto integrated into everyday banking apps.
For Revolut, entering the Turkish market represents an opportunity to capture users at a time when people are seeking all digital financial systems, but most services are still tied to legacy infrastructure.
Revolut’s interest in the Turkish market comes as part of a larger global expansion. Just a few months ago, the company completed a secondary share sale that valued the fintech giant at around $75 billion, underscoring investor confidence and providing fresh capital to support new market entries, having recently secured licenses in India, the UAE, and Mexico.
They are also targeting Argentina, as they acquired lender Banco Cetelem, right after appointing former Mercado Libre banking and payments head Agustin Danza to lead its local operations earlier last year.
If the FUPS acquisition moves forward, it would represent a key step toward the company’s expansion plans, with the ultimate goal of growing its user base from around 65 million today to more than 100 million by mid-2027.
