British Fintech Giant Revolut in Talks to Acquire Turkish Digital Bank Fups

Revolut, the UK fintech platform with a $75 billion valuation, is in talks to acquire Turkish digital bank Fups, according to people familiar with the matter.

The potential deal would mark Revolut's first foray into the Turkish market.

Fups, a digital bank licensed in 2022, has a capital of $81 million and 60 employees as of September 2025. It operates under Turkey's branchless banking framework, which has enabled the rise of digital banks in the country.

Revolut declined to comment on the potential acquisition, stating it does not address market rumors or speculation. Fups also declined to comment.

Why the Move Happened

The deal is part of Revolut's broader international expansion strategy, which has included acquisitions in Argentina, India, and other markets. Acquiring Fups would allow Revolut to bypass the lengthy process of obtaining a local banking license in Turkey.

Fups' regulatory standing is a primary draw for Revolut, as the company aims to enter Turkey's rapidly evolving digital banking market.

How Markets Responded

The fintech sector has been closely watching Revolut's moves, given its recent valuation jump and global ambitions. If approved, the deal would intensify competition with established digital banks like Garanti BBVA, which also rely on digital platforms but maintain physical branch networks.

Analysts have pointed out that Revolut's strategy of acquiring local licenses through acquisitions has been a consistent pattern in its expansion. For instance, Revolut acquired Banco Cetelem in Argentina and Arvog Forex in India to establish a regulatory foothold.

What Analysts Are Watching

The deal's success hinges on regulatory approval by the Turkish banking regulator, BDDK. Any transaction would require the regulator's green light before it can proceed.

Tomasz Nötzel, a senior analyst at Bloomberg Intelligence, noted that Revolut's potential entry into Turkey could reshape the digital banking landscape. He emphasized that differentiation beyond price and user experience will be critical for Revolut to succeed.

The Turkish digital banking market was valued at $101.52 million in 2025 and is expected to grow at an 11.36% annual rate over the next decade. With over 80 million mobile connections in the country, the potential for digital banking expansion is strong.

If the acquisition is finalized, it could be another step in Revolut's path to reaching 100 million users globally, as it continues to expand across new markets from the Nordics to Mexico.