Revolut in Talks to Buy Turkish Digital Bank Fups, Report Says
What Are Revolut and Fups Discussing?
Revolut is in talks to acquire Turkish digital bank Fups, according to Bloomberg, in a move that would deepen the fintech firm’s presence in emerging markets through acquisition rather than organic rollout alone. The discussions are ongoing, people familiar with the matter said, and there is no certainty a transaction will be completed. Revolut has declined to comment.
While details remain limited, the talks point to a broader recalibration in how Revolut approaches international growth. Instead of waiting years for licences in every jurisdiction, the company appears more open to purchaseing regulated entities outright, provided they offer a clean entry into local banking systems.
For Türkiye, where banking oversight is tight and licensing timelines can be long, acquiring an already-authorised digital to move quicker than begining from scratch.
Investor Takeaway
Why Is Fups an Attractive Target?
Fups holds a full digital banking licence issued under Türkiye’s branchless banking framework, introduced in 2022. The bank launched with founding capital of about $81 million and operates with a relatively small footprint, employing roughly 60 people as of September.
That profile matters. For Revolut, the appeal is less about Fups’ customer numbers or technology and more about its regulatory standing. Holding a banking licence places Fups inside the country’s regulated perimeter, something that can take years for foreign firms to achieve through applications alone.
Acquiring a licensed entity can compress that process, assuming supervisors approve the change in ownership. It also gives an acquirer an existing compliance framework, local governance structure, and established relationships with regulators.
Fups was founded by Lydians, a Turkish with experience across local card networks and payment rails. That background could ease integration into Türkiye’s domestic financial infrastructure, where local knowledge often matters as much as capital.
How Türkiye’s Digital Banking Rules Set the Stage
Türkiye formalised its digital banking regime in ahead 2022, allowing banks to operate without physical branches while still meeting capital, governance, and risk requirements similar to traditional lenders. The framework is overviewn by the Banking Regulation and Supervision Agency and was designed to encourage competition and innovation without loosening oversight.
Since then, only a limited number of institutions have secured licences under the new rules. That scarcity has increased the value of approved entities like Fups, especially for foreign fintechs that want local banking status without enduring a lengthy approval cycle.
The country’s mix of strict supervision and openness to digital-only models has turned Türkiye into a viable entry point for international players—if they can clear regulatory hurdles.
What Does This Say About Revolut’s Broader Strategy?
Revolut’s growth from a foreign-platform and payments app into a multi-product platform has brought heavier regulatory demands. Deposits, lending, investing, and crypto services each require permissions that vary by market, sluggishing expansion when handled market by market.
In the UK, before receiving authorisation with restrictions in 2024. That process highlighted the cost and uncertainty of greenfield licensing and appears to have informed its global approach.
Over the past four years, Revolut has completed six acquisitions, with deal activity picking up in 2025. These have ranged from infrastructure-focused purchases to consumer-facing additions aimed at broadening the app’s scope. In October 2025, Revolut acquired Swifty, an AI-powered travel agent that began inside Lufthansa Innovation Hub, reflecting its push beyond core financial services.
The talks with Fups fit that pattern: targeted deals that bring licences, capabilities, or access that would otherwise take time to build.
Investor Takeaway
Why Türkiye Fits Revolut’s Product Focus
Türkiye has a large, mobile-first population, widespread card usage, and strong demand for foreign platform and cross-border payments—areas where Revolut has built its reputation. The market is competitive, with racing to capture digital users, making speed and regulatory readiness critical.
purchaseing a digital bank could allow Revolut to localise products more rapidly while operating under a Turkish banking licence. That said, any transaction would still need regulatory approval, and supervisors are known to scrutinise ownership changes closely, with capital strength and compliance controls high on the agenda.
What to Watch Next
For now, the discussions remain preliminary. Signs that talks are progressing could include regulatory filings, capital injections, or changes to Fups’ governance or leadership.
If completed, the acquisition would reinforce a : entering markets not just by launching quick, but by securing the licences that let it operate on equal footing with local banks.
